Macro-prudential policy
IMF paper urges central banks to seek wider audience
Central banks could do more to broaden their message, senior official says; financial stability communications still challenging
Bank of Canada warns of corporate debt risks
Annual financial system report notes the growing corporate debt in Canada’s extractive industries
RBNZ: New Zealand’s biggest bank cannot use own risk capital model
New Zealand central bank says ANZ had “a persistent failure in its controls and attestation process”
Don Kohn offers advice on macro-pru under uncertainty
BoE looks at wide range of indicators but could still do more, FPC member says
Swedish governor calls for comprehensive reforms to housing market
Higher house prices boost private debt, which now poses greatest financial risk, adds the governor
Tighter loan-to-value ratios have stronger impact than a reduction
Other regulations might impact the effectiveness of LTV limits, the authors say
Finnish central bank needs more macro-prudential tools – deputy governor
Increased presence of international investors may increase housing market’s volatility – Nykänen
Macro-prudential and monetary policy work well together – ECB paper
Monetary policy can be used to cushion shocks caused by counter-cyclical buffers, researchers find
Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says
RBNZ paper stresses need to understand global shocks
Analysing global shocks ‘increasingly important’ for central banks, says article
BoE agrees to refine stress-testing in light of review
Independent report says stress-testing is working, but there is room for improvement
Zimbabwe signs agreement with IMF to strengthen macro framework
New agreement will complement government reforms to foster macro stability amid high inflation
Low interest rates adding to high global stability risks – IMF
Monetary policy-makers must look at both short- and medium-term stability risks, says Tobias Adrian
Norwegian deputy issues warning on high private debt
Official advocates gradual reduction of household debt to income, as a sudden shock is a risk
ESRB sets out first steps towards common macro-prudential stance
Problems exist with turning conceptual framework into operational tool, report concedes
IMF recommends new tool to measure housing market risks
Model shows downside risks in Chinese housing market have grown recently, report finds
Uncertainty demands pragmatic approach, French governor says
Villeroy de Galhau warns central bankers to avoid creating “additional doubts”
Eurozone macro-prudential policies have large cross-border effects – ECB paper
Impact especially strong when different countries have asymmetric financial cycles, researchers say
IMF puts new macro-prudential database to work
Fund uses new data to test effectiveness of LTV ratios
DNB says house valuations need reform
“Systematic overvaluation” of Dutch housing is limiting effectiveness of macro-pru policy – DNB
IMF urges Bank of Korea to pursue ‘accommodative policy stance’
Fund urges central bank to implement “light” macro-prudential policies
Riksbank to reduce reserves and toughen ELA regime
Gold and foreign exchange assets will decline from $56 billion to $48 billion by October 2019
EMEs have limited policy independence if open to capital flows, researchers find
Alternative policy tools can be deployed to overcome the dilemma, the authors say
Spain creates macro-prudential committee
New body will be chaired by economy minister, with central bank governor as deputy