Monetary And Macroprudential Policy Rules In A Model With House Price Booms
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| Author | : Mr.Pau Rabanal |
| Publisher | : International Monetary Fund |
| Total Pages | : 38 |
| Release | : 2009-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1451873980 |
Download Monetary and Macroprudential Policy Rules in a Model with House Price Booms Book in PDF, Epub and Kindle
We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.
| Author | : Pau Rabanal |
| Publisher | : |
| Total Pages | : |
| Release | : 2009 |
| Genre | : Electronic books |
| ISBN | : |
Download IMF Working Papers Book in PDF, Epub and Kindle
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2012-12-29 |
| Genre | : Business & Economics |
| ISBN | : 1498339506 |
Download The Interaction of Monetary and Macroprudential Policies Book in PDF, Epub and Kindle
The recent crisis showed that price stability does not guarantee macroeconomic stability. In several countries, dangerous financial imbalances developed under low inflation and small output gaps. To ensure macroeconomic stability, policy has to include financial stability as an additional objective. But a new objective demands new tools: macroprudential tools that can target specific sources of financial imbalances (something monetary policy is not well suited to do). Effective macroprudential policies (which include a range of constraints on leverage and the composition of balance sheets) could then contain risks ex ante and help build buffers to absorb shocks ex post.
| Author | : Mr.Jerome Vandenbussche |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2012-12-27 |
| Genre | : Business & Economics |
| ISBN | : 1475550138 |
Download Macroprudential Policies and Housing Price Book in PDF, Epub and Kindle
Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2011-03-14 |
| Genre | : Business & Economics |
| ISBN | : 1498339174 |
Download Macroprudential Policy - An Organizing Framework - Background Paper Book in PDF, Epub and Kindle
MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 64 |
| Release | : 2013-10-06 |
| Genre | : Business & Economics |
| ISBN | : 1498341713 |
Download Key Aspects of Macroprudential Policy - Background Paper Book in PDF, Epub and Kindle
The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2014-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498342620 |
Download Staff Guidance Note on Macroprudential Policy Book in PDF, Epub and Kindle
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
| Author | : Mr.Marco Arena |
| Publisher | : International Monetary Fund |
| Total Pages | : 51 |
| Release | : 2020-02-20 |
| Genre | : Business & Economics |
| ISBN | : 1513512250 |
Download Macroprudential Policies and House Prices in Europe Book in PDF, Epub and Kindle
Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
| Author | : Bhupal Singh |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 46 |
| Release | : 2020-12-18 |
| Genre | : Business & Economics |
| ISBN | : 9781513552514 |
Download House Prices and Macroprudential Policies: Evidence from City-level Data in India Book in PDF, Epub and Kindle
This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing prices. There is compelling evidence of the effectiveness of macroprudential tools viz., Loan-to-value (LTV) ratio, risk weights, and provisioning requirements, in influencing housing price movements. A granular analysis suggests an even stronger impact on housing prices of a change in the regulatory LTV ratio for large-sized vis-à-vis small-sized mortgages, which buttresses their potency in fighting house price speculations. A tightening of the risk weights on the housing assets of banks causes significant downward pressure on house prices. Similarly, regulatory changes in standard asset provisioning on housing loans also influence house prices.
| Author | : Mr.Nicolas Arregui |
| Publisher | : International Monetary Fund |
| Total Pages | : 73 |
| Release | : 2013-07-17 |
| Genre | : Business & Economics |
| ISBN | : 1484335724 |
Download Evaluating the Net Benefits of Macroprudential Policy Book in PDF, Epub and Kindle
The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision. It discusses three types of policy leakages and identifies instruments that could best minimize the leakages. Some rules of thumb for policymakers are provided.
