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Macroprudential Policies and the Covid-19 Pandemic : Risks and Challenges for Emerging Markets

Edwards, Sebastian - 2021

This paper deals with COVID and macroprudential regulations in emerging markets. I document the build-up of a sturdy macroprudential structure during 2009-2019, and the relaxation of regulations in 2020-2021, as part of the effort to deal with the sanitary emergency. I show that in every...

Persistent link: https://www.econbiz.de/10013322217

Credit Booms, Financial Crises and Macroprudential Policy

Gertler, Mark; Kiyotaki, Nobuhiro; Prestipino, Andrea - 2022

We develop a model of banking crises which Is consistent with two important features of the data: First, banking crises are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good" booms as well as "bad" booms in the language of Gorton and...

Persistent link: https://www.econbiz.de/10013307160

International Banking and Cross-Border Effects of Regulation : Lessons from the United States

Berrospide, Jose M. - 2016

Domestic prudential regulation can have unintended effects across borders and may be less effective in an environment where banks operate globally. Using U.S. micro-banking data for the first quarter of 2000 through the third quarter of 2013, this study shows that some regulatory changes indeed...

Persistent link: https://www.econbiz.de/10012982940

Macroprudential Policies in Open Emerging Economies

Hahm, Joon-Ho - 2012

This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also...

Persistent link: https://www.econbiz.de/10013111747

U.S. Banks and Global Liquidity

Correa, Ricardo; Du, Wenxin; Liao, Gordon - 2022

-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity … broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation …

Persistent link: https://www.econbiz.de/10013305927

Necessity as the Mother of Invention : Monetary Policy after the Crisis

Blinder, Alan S. - 2016

evidence from two surveys—one of central bank governors, the other of academic specialists. We find that central banks in …

Persistent link: https://www.econbiz.de/10012981105

The Costs of Macroprudential Policy

Richter, Björn - 2018

Central banks increasingly rely on macroprudential measures to manage the financial cycle. However, the effects of such policies on the core objectives of monetary policy to stabilise output and inflation are largely unknown. In this paper, we quantify the effects of changes in maximum...

Persistent link: https://www.econbiz.de/10012911490

Transparency, Risk Management and International Financial Fragility

Draghi, Mario - 2003

Discussions of financial risk often fail to distinguish between risks that are consciously borne and those that are not. To understand the breeding conditions for financial crises the prime focus of concern should not be simply on large risk-taking per se, but on the unintended, or unanticipated...

Persistent link: https://www.econbiz.de/10012786498

Domestic and Multilateral Effects of Capital Controls in Emerging Markets

Pasricha, Gurnain Kaur - 2015

Using a novel, high frequency dataset on capital control actions in 16 emerging market economies (EMEs) from 2001 to 2012, we provide new insights into the domestic and multilateral effects of capital controls. Increases in capital account openness reduce monetary policy autonomy and increase...

Persistent link: https://www.econbiz.de/10013030625

Monetary Versus Macroprudential Policies : Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report

Aikman, David - 2016

We have entered a world of conjoined monetary and macroprudential policies. But can they function smoothly in tandem … alongside conventional changes in the central bank interest rate. These non-price tools are similar to policies now being … tighter credit policy acted primarily to modulate bank lending whilst reducing output and leaving inflation unchanged …

Persistent link: https://www.econbiz.de/10012987601

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