Emerging market central banks have a long history of using macroprudential instruments. But while most central banks carry a heavy responsibility for financial stability, legal objectives are generally vague, do not define success or failure, and say nothing about competing objectives. This...

The Hong Kong Monetary Authority and the Bank for International Settlements (BIS) co-hosted a research conference on "The price, real and financial effects of exchange rates" on 28-29 August 2017 in Hong Kong. The event was the wrap-up conference of a research programme of the BIS Representative...