Counter-cyclical
French paper warns buffers ‘may not be sufficient’ to avoid credit crunch
Banque de France working paper finds an increase in market pressure to hold more capital can ‘limit the ability of banks to expand credit’ and trigger a crisis
ESRB publishes framework for calibrating CCBs
European Systemic Risk Board identifies the indicators EU member states should use when building, reducing and releasing their counter-cyclical capital buffers
Swiss National Bank mulls negative rates to follow ECB
Swiss National Bank governor says ‘closely monitoring' the effect of the ECB's move to negative rates; new measures may be needed to cool housing market
SNB refuses to give ‘all clear’ on housing market despite capital buffer rise
Thomas Jordan tells Swiss National Bank shareholders that real estate prices remain a concern despite the recent increase in the counter-cyclical capital buffer
Nepal central bank cautious on Basel III counter-cyclical buffer
Central bank to study need for counter-cyclical buffer in a developing economy
Norges Bank governor heralds countercyclical capital buffer
Øystein Olsen says 'primary purpose' of prudential tool is increasing banks' resilience as systemic risk increases; buffer will vary between zero and 2.5% of risk-weighted assets
Norges Bank governor backs plans for counter-cyclical capital buffer
Øystein Olsen gives support to proposals by the Norwegian government to introduce a counter-cyclical capital buffer; will be set by ministry of finance with advice from the Norges Bank
SNB vice-chair tells people to ‘fasten seatbelts’ following CCB activation
Jean-Pierre Danthine says activation of the counter-cyclical capital buffer aims to avoid a sharp fall in property prices and rise in defaults, but achieving a soft landing will be challenging
New model prescribes strongly counter-cyclical medicine for financial shocks
Working paper from the Bank of Canada suggests counter-cyclical bank capital rules can help steady the ship in the wake of financial shocks, in tandem with monetary policy measures
SNB activates capital buffer in face of overheating mortgage market
Swiss National Bank applies 1% counter-cyclical capital buffer to mortgage lenders as imbalances in the real-estate market worsened in the second half of 2012
BoE unveils action plan for macroprudential powers
UK Government proposals will enable the Bank of England’s financial policy committee to impose ‘sectoral capital requirements’ to tackle systemic threats early
CBP panellists raise concerns over macro-prudential innovation
Central Banking Publications webinar participants debate challenge of implementing macro-prudential policies; panellists highlight risks from central banks’ limited experience with some tools
Swiss board member supports counter-cyclical capital buffer
Jean-Pierre Danthine examines impact of CCB on Switzerland’s financial sector; says it would have mitigated property crisis in 1990s
Central Bank of Chile paper discusses adaptations to macro-prudential policy
Research highlights importance of considering non-core bank liabilities in setting macro-prudential policy; suggests levy on such liabilities would have counter-cyclical benefits
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
RBI official highlights problematic international regulations
Reserve Bank of India executive director examines impact of converging banking regulation on India; suggests global rules may have positive spillovers, but must be tailored to domestic economy
Counter-cyclical capital buffers rely on good central bank policy: BoC paper
Bank of Canada study finds central bank policy can strongly influence success of counter-cyclical capital measures
Credit-leading indicator to trigger countercyclical buffer phases: BIS paper
Bank for International Settlements study shows that credit-to-GDP ratio is best indicator for build-up and release phases of countercyclical capital buffers
IMF paper on cyclicality of oil producers' expenditure
Fund study shows fiscal policy is pro-cyclical in low- and middle-income oil-producing countries, but counter-cyclical in high-income countries
Sovereign default risks amplify supply shocks: IMF paper
Fund study incorporates sovereign default risks into a general equilibrium model
IMF paper on leaning against the wind in Latin America
Fund study says countercyclical instruments are an effective tool to restrain excessive credit growth in Latin American countries
IMF study on financial frictions in EMEs
Fund paper shows developing economies are more exposed to financial frictions than emerging markets
Monetary policy shocks transmit through countercyclical markups: Bank of Canada paper
Bank of Canada study shows countercyclical markups help explain effects of monetary policy shocks in Canada
Spain should consider regulatory overhaul: FSB peer review
Financial Stability Board peer review calls for Spanish authorities to consider new regulatory structure once market turmoil has subsided; separate review of Italy also published