Macro-prudential policy
Interview: Manuel Sánchez on shifting financial stability risks
Bank of Mexico deputy governor speaks about monetary policy normalisation in the US, the limits of macro-prudential tools and developing capital markets
Sánchez encourages ‘realistic’ expectations of macro-prudential tools
Bank of Mexico deputy governor considers effectiveness of macro-prudential tools and the potential unintended consequences at Central Banking training series
Volcker proposes new regulatory structure with Federal Reserve at its heart
The Volcker Alliance sets out proposals for a new regulatory structure in the US that seeks to address the ‘fragmentation, overlaps and glaring gaps’ in the current system
Mexican deputy tells EMs to assume US rate hike coming ‘sooner rather than later’
Javier Guzmán Calafell advises emerging markets to prepare ‘as fast as possible for a worst-case scenario’ in anticipation of the Federal Reserve tightening policy later this year
Constâncio fleshes out wider macro-prudential vision
Vice-president at the European Central Bank wants toolkit to extend to a wider range of financial entities, including asset managers, as risks emerge elsewhere in the system
Hellwig warns against expanding financial stability mandate too far
Martin Hellwig presents his thoughts on how to strike a balance between the macroeconomic and financial stability objectives of monetary policy
BIS paper finds macro-prudential impact varies during cycle
Working paper finds evidence tightening policy is more effective than loosening it, and has a greater impact when credit has been expanding quickly
Visual interfaces ‘hold promise’ for policy-makers
Working paper published by ECB finds ‘analytical visualisations and interactive interfaces’ can help with the communication of risks; presents macro-prudential data cube
ECB closely watching impact of QE on financial stability
Mario Draghi tells Econ committee the central bank is aware of the potential for QE to inflate asset prices and invite excessive risk taking, but risks are ‘contained’ at present
Lockhart backs ‘selective’ regulation of shadow banks
Atlanta Fed president argues for US authorities to ‘variably monitor and supervise’ all institutions with implications for financial stability, regardless of whether they are shadow banks
HKMA tightens housing rules as ‘buoyancy’ returns
Norman Chan points to ‘notable increases in prices and transaction volume’ as he unveils changes to the HKMA’s macro-prudential policies
BoE panellists: Central banks need better understanding of policy interactions
Policy-makers are already having to cope in practice with a ‘tripartite’ mandate while research struggles to catch up, raising the possibility of dangerous blind spots
BoE unveils wide-ranging research agenda
‘One Bank’ research agenda seeks to shake up the status quo and help theory catch up with the practice of new central bank mandates and looming challenges
Bank structure affects macro-prudential spillovers, BoE research finds
Working paper finds macro-prudential policies spill across borders more readily to bank branches than subsidiaries, although the change depends on type of lending and type of policy
Macro-prudential policies can ‘tame’ the financial sector, says ECB's Constâncio
Monetary policy should be used to control the price of goods and services not asset prices; macro-prudential policies can address financial imbalances in spite of dearth of shadow banking tools
IMF paper tackles puzzle of asset bubbles in efficient markets
Working paper suggests business risk for asset managers creates institutional herding and ‘rational bubble-riding’, with implications for the design of macro-prudential policies
Esther George questions macro-prudential approach
Kansas City Fed president says macro-prudential approach ‘expects too much of tools for which our understanding is imperfect' in Philippines speech
Wheeler: RBNZ will ‘talk more’ about housing
The Reserve Bank of New Zealand will focus on the market in coming months, Wheeler says, with house price inflation ‘increasing again’ in Auckland
FSB: Bank of Russia's financial stability mandate unclear
Peer review calls for 'adequate' legal basis to impose macro-prudential measures; warns mandate of separate advisory body 'seems to duplicate' that of central bank
Fed’s Tarullo casts doubt on counter-cyclical tools
Daniel Tarullo questions ability of macro-prudential tools to temper booms and busts, and calls for a new ‘prudential market regulation’ to tackle shadow banking risks
Irish central bank steps up macro-pru communication
Central Bank of Ireland finalises restrictions on mortgage lending; measures feature some relief for first-time buyers following consultation process
Leaning against the wind may boost shadow banking: BoE researchers
Contractionary monetary policy may encourage growth of shadow banking even as it restricts commercial banks, casting doubt on the ability of central banks to ‘lean against the wind’
Ireland’s Honohan: organisational structure to be ‘thoroughly overhauled’
Central Bank of Ireland governor details ongoing efforts to rectify the regulatory failings that led to the 2008 crisis in the country's banking system
IMF paper considers merits of macro-prudential liquidity buffer
Working paper asks whether such a buffer would be desirable, and how it might operate in practice; authors say it would complement other requirements including the LCR and NSFR