Makroprudenzielle Politik hat das Ziel, die Stabilität des Finanzsystems zu überwachen und zu sichern. Systemrisiken entstehen, wenn Schieflagen in Teilen des Finanzsystems die Funktionsweise der Finanzmärkte und damit die realwirtschaftliche Entwicklung beeinträchtigen. Ziel dieser Politik...

The recent literature on macroprudential policy contains several suggestions for possible instruments. This paper puts forward and implements a method for arriving at a coherent policy framework. It starts by defining the role of macroprudential policy in the overall policy framework for the...

This paper examines the macroeconomic and microeconomic dimensions of systemic risk. The design of practical macroprudential policies to address such risks is complex. Issues to be tackled include: (a) statistics to accurately measure currency and maturity mismatches (which usually lie at the...

We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding...

The most recent global credit mishap of 2008, the worst financial catastrophe of the 21st century, succeeded the Great Depression of the 1930s as the worst event of all times, and used in stress testing under severely adverse scenario analysis. Rather promoting financial stability, the Basel...

Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium enterprises...

I study central supervision of local financial regulators in an economic union. Regulators each privately observe benefits from lenient local macroprudential policies. Separate deposit insurance funds allow no discretion to set policies because, with integrated financial markets, regulators...

There is increasing interest in loan-to-value (LTV) and debt-service-to-income (DTI) limits as many countries face a new round of rising house prices. Yet, very little is known on how these regulatory instruments work in practice. This paper contributes to fill this gap by looking closely at...

This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the...

Challenges to macroprudential policy are mainly of a universal nature and encompass, in particular, difficulties in the pre-emptive identification of looming imbalances; interactions with the political cycle; asymmetry in the perception of costs and benefits of using macroprudential instruments;...