Hong Kong SAR's economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging,...

The main purpose of this paper is to assess the risks to the financial sector that currently emanate from the United Kingdom property markets. The interaction of property markets with financial markets has important implications for financial stability. Cycles in the prices of housing and...

The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of...

The institutional framework for Macroprudential Policies (MaPP) in the Hong Kong Special Administrative Region (the Hong Kong SAR) is well established. According to the Basic Law, the Government of the Hong Kong SAR shall on its own formulate monetary and financial policies. The Financial...

The Israeli economy has weathered the COVID-19 crisis exceptionally well, but risks are high. With substantial fiscal and monetary support, real GDP growth reached 8.1 percent in 2021, driven by consumption and high-tech exports. The rapid vaccination campaign boosted confidence. The outlook is...

New Zealand's sound management of the COVID-19 crisis has been effective in bringing infection rates quickly under control. Decisive fiscal and monetary policy responses have been instrumental in cushioning the economic impact. Although economic activity was hit hard initially, it has recovered...