Effects Of Macroprudential Policy Evidence From Over 6 000 Estimates
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Effects Of Macroprudential Policy Evidence From Over 6 000 Estimates
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Author : Juliana Dutra Araujo
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-22
Effects Of Macroprudential Policy Evidence From Over 6 000 Estimates written by Juliana Dutra Araujo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-22 with Business & Economics categories.
This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Greece
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-24
Greece written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-24 with Business & Economics categories.
Greece: Selected Issues
Eurasian Business And Economics Perspectives
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Author : Mehmet Hüseyin Bilgin
language : en
Publisher: Springer Nature
Release Date : 2024-07-02
Eurasian Business And Economics Perspectives written by Mehmet Hüseyin Bilgin and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-02 with Business & Economics categories.
EBES conferences have been an intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long-lasting academic cooperation. This is the 27th volume of the Eurasian Studies in Business and Economics (EBES’s official proceeding series), which includes selected papers from the 40th EBES Conference which took place in Istanbul on July 6-8, 2022. The conference was organized with the support of the Istanbul Economic Research Association in hybrid mode with both online and in-person discussions at the Istanbul Ticaret University in Istanbul, Türkiye. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions.
Macroprudential Policy Effects
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Author : Nina Biljanovska
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-31
Macroprudential Policy Effects written by Nina Biljanovska and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-31 with Business & Economics categories.
The global financial crisis (GFC) underscored the need for additional policy tools to safeguard financial stability and ultimately macroeconomic stability. Systemic financial vulnerabilities had developed under a seemingly tranquil macroeconomic surface of low inflation and small output gaps. This challenged the precrisis view that achieving these traditional policy targets was a sufficient condition for macroeconomic stability. Thus, new tools had to be deployed to target specific financial vulnerabilities and to build buffers to cushion adverse aggregate shocks, while allowing traditional policy levers, including monetary and microprudential policies to focus on their traditional roles. Macroprudential policy measures emerged as the solution to this gap. Some of these measures had been used before the GFC (mostly in emerging markets). But it was only after the crisis that they were more widely adopted, and the toolkit expanded. This spurred a growing body of empirical research on the effects and potential shortfalls of these measures, with a further deepening of this knowledge gaining importance as policymakers confront increased financial stability risks in the post-pandemic world. Recognizing that there still is much to learn, this paper takes stock of our expanding understanding about the effects (and side effects) of macroprudential measures by focusing on these questions: What have we learned about the effects of macroprudential policy in containing the buildup of vulnerabilities? What do we know about the effects on economic activity and resilience? How do policy effects vary with conditions and over time? How important are leakages and circumvention? How do the effects on credit depend on other policies?
Addressing Spillovers From Prolonged U S Monetary Policy Easing
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Author : Stephen Cecchetti
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-09
Addressing Spillovers From Prolonged U S Monetary Policy Easing written by Stephen Cecchetti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-09 with Business & Economics categories.
There is growing recognition that prolonged monetary policy easing of major economies can have extraterritorial spillovers, driving up financial system leverage in other countries. When faced with such a rise of threats to financial stability, what can countries do? Specifically, is there a role for macroprudential tools, capital controls or foreign exchange intervention in safeguarding financial stability from risks arising externally? We examine the efficacy of these policy interventions by exploring whether preemptive or reactive policy interventions can mitigate such risks. Using a sample of 950 bank and nonbank financial firms across 28 non-U.S. economies over the past two decades, we show that if policymakers are able to implement policies prior to an additional consecutive decline in U.S. interest rates, financial institutions do not increase their leverage by as much as they otherwise would. By contrast, it is more difficult to counter the spillovers with reactive policy interventions. In practice, however, policymakers need to remain cautious about the timing of preventative tightening, especially when their economies face large negative shocks such as a pandemic.
Loose Financial Conditions Rising Leverage And Risks To Macro Financial Stability
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Author : Mr. Adolfo Barajas
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-20
Loose Financial Conditions Rising Leverage And Risks To Macro Financial Stability written by Mr. Adolfo Barajas and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Business & Economics categories.
After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during the COVID-19 on the back of easy financial conditions induced by unprecedented policy support. We investigate the empirical relationships between increased leverage, financial conditions, and macro-financial stability in a sample of major advanced and emerging market economies. We find that loose financial conditions contribute to leverage buildups and generate an intertemporal tradeoff: financial stability risk is lessened in the near term but exacerbated in the medium term. The tradeoff is amplified during credit booms, when debt service burdens are particularly high, or when the share of foreign currency debt is high in emerging markets. Selected macroprudential tools can arrest leverage buildups and mitigate the tradeoff.
Navigating Higher Rates Volatility And Liquidity Crises
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Author : Andreas Dombret
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2024-12-16
Navigating Higher Rates Volatility And Liquidity Crises written by Andreas Dombret and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-16 with Law categories.
When central banks started raising interest rates in reaction to the spike in inflation which followed the COVID-19 epidemic, they put an end to a more than a decade of "low for longer" interest rates to which the financial sector had adjusted their balance sheets and business models. The resulting "new monetary order" has required all parts of the financial sector to make serious adjustments. The fate of the US and Swiss banks caught up in the March 2023 "bank turmoil" can be seen as a cautionary tale for those who do not adjust in a timely fashion. This book reviews how the financial sector evolved during "low for longer" and examines how monetary policy, financial regulation and supervision, the banking and the non-bank financial sectors can be expected to evolve under this new order.
Global Financial Stability Report April 2021
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-04-06
Global Financial Stability Report April 2021 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-06 with Business & Economics categories.
Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.
Differential Effects Of Macroprudential Policy
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Author : Nina Biljanovska
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-24
Differential Effects Of Macroprudential Policy written by Nina Biljanovska and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-24 with Business & Economics categories.
We explore the differential effects of lender-based macroprudential policies on new mortgage borrowing for households of different income using a comprehensive dataset that links macroprudential policy actions with household survey data for European Union countries. The main results suggest that higher-income households on average experience a larger reduction in mortgage loan size than lower-income households when regulation targeting total lenders’ assets tightens. In contrast, lower-income households on average experience a larger reduction in mortgage loan size than higher-income households when regulation targeting lenders’ capital requirements tightens. We also provide evidence of the different channels through which the differential effects operate.
Evaluating The Net Benefits Of Macroprudential Policy
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Author : Mr.Nicolas Arregui
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-17
Evaluating The Net Benefits Of Macroprudential Policy written by Mr.Nicolas Arregui and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-17 with Business & Economics categories.
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.