Macro-prudential policy
Ireland’s Murphy marshals industry in support of harmonised regulation
Director of markets supervision laments ‘insufficient trans-Atlantic dialogue’ and tells asset managers who want better global harmonisation of financial regulation to make their voices heard
BoE’s Haldane underscores need for ‘ambidextrous’ policy
Executive director says it is too much to expect ‘one-handed’ policy to keep control of the economy, instead recommending monetary and macro-prudential policy work in tandem
Bank of Israel cut rates despite 'rapid' increase in house prices
Four out of five members of the Bank of Israel's MPC backed last month's 25 basis point rate cut to 0.75% following weaker performance across range of indicators
Nature of shock explains linkages between monetary and macro-pru policies
Riksbank article studies linkages in a dynamic general equilibrium model, where macro-prudential policy is exemplified by a countercyclical capital buffer
ESRB handbook calls on macro-prudential regulators to overcome ‘inaction bias'
Comprehensive guidance on macro-prudential tools was published yesterday by the European Systemic Risk Board
BoE must balance ‘paradox' of more eurozone integration, says Cunliffe
Deputy governor for financial stability says cost of dysfunctional single currency favours ‘inconvenient' eurozone integration
Case-by-case analysis critical in deciding whether to 'lean against the wind'
Fed's Jeremy Stein highlights need to 'dig into the microeconomic details' when deciding what type of regulatory intervention is comparatively more efficient
Asia weathered crisis better thanks to lessons of the '90s
The Asian financial crisis of the late 1990s led the countries affected to implement policies that stood them in good stead for the global crisis of the past few years
Weidmann says macro-prudential instruments should be a ‘political top priority’
Bundesbank president says macro-prudential instruments should be prepared urgently; points out flaws in attaching greater importance to the financial sector when setting monetary policy
Reserve requirements may speed up development of capital markets, Peruvian paper finds
Central bank reserve requirements dampen credit cycles in periods of capital inflows and reduce their expansionary effects on aggregate demand, according to central bank working paper
Central Bank of Oman's Hamood Sangour Al Zadjali on the dollar, financial stability and Islamic finance
The Central Bank of Oman remains committed to the dollar as it moves to improve governance, liquidity management and Islamic finance in the sultanate, its executive president tells Chris Jeffery
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
Asia uses macro-prudential policies to greater effect, IMF paper finds
Macro-prudential policy has curbed credit growth and bank leverage in several Asian countries over the past decade; loan-to-value ratio caps and housing tax measures among most effective instruments
Regulatory reliance to blame for faulty credit ratings, paper claims
The growing importance of credit ratings to financial regulators and prudential regulation explains more of the distortion in ratings than the question of who pays for the rating
Unco-ordinated macro-prudential policies could result in ‘capital war’, says BoJ paper
Johns Hopkins professor argues that, absent any co-operation, countries across the globe will implement macro-prudential policies in a manner ‘reminiscent of an inefficient arms race’
Ingves calls for consistency in risk weights for credible capital ratios
BCBS chair says underlying differences in risk drive lion's share of risk-weight variations, but some arise from supervisory and practice-based idiosyncrasies
Central banks must lean against boom and bust to retain credibility, says Borio
A more symmetrical response to booms and busts is required to leave policy-makers with the ammunition and credibility to tackle them, says top BIS economist
Riksbank worries over fallout from ‘sharp corrections' in house prices
Swedish households' interest-rate expectations guided by current levels rather than projections, recently published document finds; Lars Svensson calls findings potentially ‘biased and misleading'
Turkish banks 'sound' despite 'significant increase' in non-deposit funding, central bank says
Lenders' asset quality and capital adequacy high enough to withstand shocks according to new financial stability report; liquid FX assets cover 'half' of sector's short-term external debt
Riksbank board grappling with ‘genuine policy dilemma'
Minutes show last month's cut in interest rate was preceded by considerable apprehension, with one board member describing it as his ‘most difficult' decision to date at the central bank
Bernanke looks back on his time at the top
Fed chairman, who steps down on February 1, offers his take on an array of issues, including the long-term implications of asset purchases, central bank accountability and financial stability reforms
Macro-prudential and fiscal co-ordination could pay big dividends, IMF staffers say
International co-ordination of macro-prudential and fiscal policies would have a far greater effect than the literature predicts for internationally co-ordinated monetary policy, paper shows
SSM offers best chance of successful regulation, says Cyril Roux
Irish regulator-in-chief says supervisory authorities suffer from in-built weaknesses that the SSM may go some way to overcoming
Reserve Bank of New Zealand looks to ramp up ‘alternative' communication
RBNZ doubles down on speeches and alternative media channels such as videos and infographics to cut through post-crisis ‘noise'; follows Riksbank's communication strategy overhaul earlier this week