Macro-prudential policy
BIS book outlines macro-financial policy framework
“Integrated inflation targeting” would combine policies for maximum effect, authors say
Eurozone lending constraints are effective but only after a time lag, researcher says
IMF paper looks at efficacy of tighter lending on curbing house prices and credit
Most financial stability committees lack policy tools, researchers say
Many committees lack good internal processes and ability to implement policies, authors say
US bank interconnectedness is falling – San Fran Fed paper
New method focuses on idiosyncratic factors to identify possible links, researchers say
Buffers should not be rebuilt too quickly – Bank of Canada paper
Requirements should be lower during crisis recovery to avoid bank default, researcher argues
HKMA chief Norman Chan to retire in October
Chan’s leadership saw HKMA gain stronger macro-prudential powers
Philippine central bank handed new stability powers and mandate
Act removes money supply and credit as determinants for monetary policy in addition to granting central bank broader supervisory scope
Nordic-Baltic crisis simulation seeks to reinforce collective response
Nordic-Baltic Stability Group carried out first region-wide crisis scenario in January
IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget remains an issue
Brexit solution that ‘works for all’ must be found – Carney
BoE governor calls Brexit an “acid test” of a “new global order”
Latest restructuring boosts the PBoC’s regulatory clout
Hui Feng says the restructuring of the PBoC carries “profound implications” for the central bank’s role in policy-making
Thai central bank warns of housing and debt risks
Central bank says macro-prudential policy should curb build-up of weaknesses
Central Banking Awards: governor and central bank of the year unveiled
Karnit Flug and the Monetary Authority of Singapore win accolades
Central bank of the year: Monetary Authority of Singapore
Singapore’s central bank stands out for its pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision
Kristin Forbes urges academics to focus on macro-prudential policy
Our understanding of the tools and ability to spot new risks remain limited, professor says
PBoC handed leading role in macro-prudential policy
Shake-up of PBoC’s governance structure sees central bank gain macro-prudential department
RBNZ suggests eliminating minimum Tier 2 holding
New Zealand’s central bank proposes dramatically increasing Tier 1 to reduce resolution risk
Debt growth a better warning signal than levels – BoE’s Broadbent
Deputy governor says countries with high debt levels did not necessarily suffer more during the 2008 crisis
Initiative of the year: RBNZ’s Financial Strength Dashboard
The Reserve Bank of New Zealand’s Financial Strength Dashboard offers a window into the nation’s banking system
Brexit might allow simpler regulation for small UK firms – PRA chief
Sam Woods says “simpler, not weaker” regulation might boost both competition and safety
Number of risky housing loans issued in 2018 drops, says Danish central bank
Limits on loan-to-value and debt-to-income ratios have seen reduction on risky loans
Hélène Rey offers advice on achieving monetary ‘emancipation’
Authorities may have to consider capital controls to break free from global financial forces, economist says
Book notes: Macroprudential policy and practice, edited by Paul Mizen, Margarita Rubio and Philip Turner
An important overview of the current state of thinking about macro-prudential policy, but uncertainties remain about the current allocation of financial stability responsibilities
ECB has made ‘little use of macro-pru powers’, senior official says
Eurozone authorities lack powers to deal with diffuse sovereign risk or shadow banks – ECB official