Macro-prudential policy
Financial taxes can bolster macro-prudential policy, says IMF paper
Fund study shows counter-cyclical tools should be incorporated to enrich the broader macro-prudential policy framework in Korea
Macro-prudential policies address root of stability problems, says SNB’s Danthine
SNB governing board member Jean-Pierre Danthine says policies that lean against asset bubbles can create large shortfall in economic growth; prefers forward-looking macro-prudential tools
Swedish authorities improve macroprudential policy co-operation
The Riksbank and Finansinspektionen form a new council for co-operation on macroprudential policy; group will not infringe on two authorities' independence in decision-making
European banks still exposed to US dollar funding risks, ESRB warns
European Systemic Risk Board issues recommendations to prevent build up in US dollar funding and liquidity risk; calls for single entity to be responsible for national macro-prudential policy
BoJ paper finds limited impact of tax benefits on corporate capital structure
Research finds default costs and the costs of outside equity have a larger effect on corporate capital structure than tax benefits
Bank consults on instruments of macroprudential policy
Bank of England releases discussion paper to gather feedback on possible tools for macroprudential policy management
Kohn talks of macro-prudential policy ‘infancy’
Donald Kohn tells US audience about the UK’s Financial Policy Committee; explains the “consistent and systematic” application of macro-prudential policies is still developing
Japan’s Miyao hammers home macroprudential importance
Speaking in San Francisco, policy board member Ryuzo Miyao explains how Japan is working on ways to better assess risks across the country’s entire financial system
IMF paper calls for urgent completion of macro-prudential frameworks
Fund study says early implementation of new macro-prudential measures will mitigate cross-border risks
Central Bank of Brazil paper on designing an effective macroprudential framework
Central Bank of Brazil study says macro-prudential tools can adversely influence monetary policy transmission mechanism
The dangerous scramble for liquidity
William Allen of the Cass Business School in London warns there is a danger that capital requirement measures intended to make the financial system safer may do more harm than good
Cleveland Fed paper outlines benefits of new early-warning system
Cleveland Federal Reserve study assesses latest model for developing early-warning systems to highlight build-up of systemic risk
IMF stresses importance of central banks’ role in macro-prudential policy use
IMF releases research into macro-prudental tools; stresses importance of central banks’ roles in using policy to fend off financial crises
BIS reviews development of macroprudential toolkits
Bank for International Settlements progress report to G-20 says macroprudential framework needs appropriate tools to limit systemic risk; provides broad definition of macroprudential
ESRB publishes foreign currency lending recommendations
European Systemic Risk Board releases recommendations on lending in foreign currencies; new measures addressed to member states, national supervisory authorities and European Banking Authority
ECB’s Constâncio favours single prudential rulebook for euro area
European Central Bank vice-president Vítor Constâncio says maximum harmonisation of prudential requirements will support financial integration and reduce costs
Current economics paradigm 'ill-suited' to capture financial instability: BIS paper
Bank for International Settlements study authored by Claudio Borio says rethink of financial stability role in macroeconomics does not go far enough
FSA’s Turner considers more active role for macroprudential policy
Financial Services Authority chairman Adair Turner says new macroprudential policy tools could play a more active role in ensuring socially optimal level of credit in economy
Bank veterans identify challenges to macroprudential policy
Bank of England paper co-authored by Andrew Large and Alastair Clark highlights difficulties in developing macroprudential policy toolkit; identifies conflicts with monetary and regulatory policy
The future of central banking: CB.com panel
Robert Pringle moderates a panel assessing the future of central banking in a post-financial crisis world
A two-pillar strategy for macroprudential policy
Dirk Schoenmaker and Peter Wierts propose a way to formulate financial stability policy to tackle cyclical and structural risks
Macroprudential measures complement monetary policy: IMF paper
An IMF study says macroprudential policy can work in unison with monetary policy but it is not a direct substitute
Germany and China heighten cooperation
People’s Bank of China and Deutsche Bundesbank meet in Frankfurt to discuss financial stability and trade partnership; China stresses confidence in euro area