Monetary And Macroprudential Policy With Foreign Currency Loans
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Monetary And Macroprudential Policy With Foreign Currency Loans
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Author : Michał Brzoza-Brzezina
language : en
Publisher:
Release Date : 2014
Monetary And Macroprudential Policy With Foreign Currency Loans written by Michał Brzoza-Brzezina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The Interaction Of Monetary And Macroprudential Policies Background Paper
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-27
The Interaction Of Monetary And Macroprudential Policies Background Paper written by International Monetary Fund. Monetary and Capital Markets Department 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 2012-12-27 with Business & Economics categories.
This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.
On The Use Of Monetary And Macroprudential Policies For Small Open Economies
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Author : Mr.F. Gulcin Ozkan
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-24
On The Use Of Monetary And Macroprudential Policies For Small Open Economies written by Mr.F. Gulcin Ozkan 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 2014-06-24 with Business & Economics categories.
We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty—(i) if macroprudential measures exist, there are no significant welfare gains from monetary policy reacting to credit growth under a financial shock; and (ii) monetary responses to financial markets could generate bigger welfare losses than macroprudential responses under different shocks. The source of outstanding liabilities also plays a role in the choice of policy instrument— macroprudential policies are particularly effective for emerging markets where foreign borrowing is sizeable.
Household Credit Global Financial Cycle And Macroprudential Policies
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Author : Mircea Epure
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-24
Household Credit Global Financial Cycle And Macroprudential Policies written by Mircea Epure 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 2018-01-24 with Business & Economics categories.
We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing all bank loans to individuals in Romania, a small open economy subject to external shocks, and the period 2004-2012, which covers a full boom-bust credit cycle when a wide range of macroprudential measures were deployed. Although household leverage is known to be a key driver of financial crises, to our knowledge this is the first paper that employs a household credit register to study leverage and macroprudential policies over a full economic cycle. Our results show that tighter macroprudential conditions are associated with a significant decline in household credit, with substantially stronger effects for foreign currency (FX) loans than for local currency loans. The effects on FX loans are higher for: (i) ex-ante riskier borrowers proxied by higher debt-service-toincome ratios and (ii) banks with greater exposure to foreign funding. Moreover, tighter macroprudential policy has stronger dampening effects on FX lending when global risk appetite is high and foreign monetary policy is expansionary. Finally, quantitative effects are in general larger for borrower rather than lender macroprudential policies.
The Macroprudential Framework
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Author : Cheng Hoon Lim
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-17
The Macroprudential Framework written by Cheng Hoon Lim 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.
This paper gauges if, and how, institutional arrangements are correlated with the use of macroprudential policy instruments. Using data from 39 countries, the paper evaluates policy response time in various types of institutional arrangements for macroprudential policy and finds that the macroprudential framework that gives the central bank an important role is associated with more timely use of macroprudential policy instruments. Policymakers may also tend to use macroprudential instruments more quickly if the ability to conduct monetary policy is somehow constrained. This finding points to the importance of coordination between macroprudential and monetary policy.
Cross Border Banking And The Circumvention Of Macroprudential And Capital Control Measures
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Author : Mr.Eugenio M Cerutti
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-01
Cross Border Banking And The Circumvention Of Macroprudential And Capital Control Measures written by Mr.Eugenio M Cerutti 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 2018-10-01 with Business & Economics categories.
We analyze the joint impact of macroprudential and capital control measures on cross-border banking flows, while controlling for multidimensional aspects in lender-and-borrower-relationships (e.g., distance, cultural proximity, microprudential regulations). We uncover interesting spillover effects from both types of measures when applied either by lender or borrowing countries, with many of them most likely associated with circumvention or arbitrage incentives. While lender countries’ macroprudential policies reduce direct cross-border banking outflows, they are associated with larger outflows through local affiliates. Direct cross-border inflows are higher in borrower countries with more usage of macroprudential policies, and are linked to circumvention motives. In the case of capital controls, most spillovers seem to be present through local affiliates. We do not find evidence to support the idea that additional capital inflow controls could interact with macro-prudential policies to mitigate cross-border spillovers.
Macroprudential Frameworks In Asia
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Author : Mr.Steven A Barnett
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-10
Macroprudential Frameworks In Asia written by Mr.Steven A Barnett 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 2013-04-10 with Business & Economics categories.
This Departmental Paper portrays a cross-country dimension of macroprudential policy implementation in Asia, advancing a comprehensive overview of institutional arrangements and instruments deployed by individual countries to address systemic risk, including risk concentration and interconnectedness. This book is the first comprehensive collection of papers assessing the existing institutional arrangements for macroprudential policies in Asia.
Macroprudential Regulation Of International Finance
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Author : Dongsoo Kang
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016-09-30
Macroprudential Regulation Of International Finance written by Dongsoo Kang and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-30 with Business & Economics categories.
Recent events, such as capital flow reversals and banking sector crises, have shaken faith in the widely held belief in the benefits of greater financial integration and financial deepening, which are typical in advanced economies. This book shows that emerging economies have often weathered the storm best despite the supposed burden of ‘weak institutions’. It demonstrates that a better policy framework requires reliable indicators of vulnerability to financial instability, as well as improved policy tools and automatic stabilizers that anticipate and limit the vulnerabilities to financial crises.
The Use And Effectiveness Of Macroprudential Policies
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Author : Mr.Eugenio Cerutti
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-17
The Use And Effectiveness Of Macroprudential Policies written by Mr.Eugenio Cerutti 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 2015-03-17 with Business & Economics categories.
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.
The Currency Composition Channel Of Monetary Policy And The Role Of Macroprudential Regulation
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Author : Kyriakos C. Neanidis
language : en
Publisher:
Release Date : 2022
The Currency Composition Channel Of Monetary Policy And The Role Of Macroprudential Regulation written by Kyriakos C. Neanidis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Using country-level and bank-level data from several European emerging economies, we document two new facts about lending in reserve currency and monetary policy transmission. Monetary policy enacted by non-reserve currency issuers transmits across countries through bilateral trade linkages and changes the volume and share of loans denominated in reserve currency granted by the trading partners' banking sector. Macroprudential policies initiated by the recipient country of monetary spillovers partly offset the transmission effects of monetary policies originating abroad. Our results imply that bilateral trade facilitates a foreign currency composition channel of monetary policy while active macroprudential regulation can shield the home economy from foreign monetary policy shocks.