Author : Deniz Igan
Publisher : INTERNATIONAL MONETARY FUND
Page : 32 pages
File Size : 20,69 MB
Release : 2011-03-01
Category :
ISBN : 9781616350901
DISCLAIMER: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.
Author : Mr.Bas B. Bakker
Publisher : International Monetary Fund
Page : 46 pages
File Size : 32,76 MB
Release : 2012-06-07
Category : Business & Economics
ISBN : 1475504748
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
Page : 60 pages
File Size : 46,16 MB
Release : 2011-04-01
Category : Business & Economics
ISBN : 1455253308
The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
Author : Mr.Olivier J. Blanchard
Publisher : International Monetary Fund
Page : 26 pages
File Size : 46,57 MB
Release : 2013-04-15
Category : Business & Economics
ISBN : 1484365860
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.
Author : Otaviano Canuto
Publisher : World Bank Publications
Page : 307 pages
File Size : 14,37 MB
Release : 2013-10-29
Category : Business & Economics
ISBN : 1464800030
This book deals with the challenges of macro financial linkages in the emerging markets.
Author : Mr.Ashvin Ahuja
Publisher : International Monetary Fund
Page : 27 pages
File Size : 30,91 MB
Release : 2011-12-01
Category : Business & Economics
ISBN : 1463927185
We assess the effectiveness of macroprudential policies against a number of different indicators of property sector activity and financial stability. At the cross-country level the use of LTV caps decelerates property price growth. Both LTV and DTI caps slow property lending growth. LTV caps also affect a broader range of financial stability indicators in economies with pegged exchange rates and currency boards. For Hong Kong SAR, LTV policy tends to be forward looking, with caps lowered to counter downward movements in mortgage rates, and higher growth in mortgage loan and volumes of transactions. The reduction in caps appears to respond to small and medium size flat price appreciation, and contributes to a decline in high-end volume growth after a year and total transactions volume growth after 11⁄2?2 years. Price growth responds favorably after 2 years. The evidence suggests LTV tightening could affect property activity through the expectations channel rather than through the credit channel.
Author : Mr.Eugenio Cerutti
Publisher : International Monetary Fund
Page : 35 pages
File Size : 14,12 MB
Release : 2015-06-03
Category : Business & Economics
ISBN : 1513552074
The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.
Author : Mr.Gianni De Nicolo
Publisher : International Monetary Fund
Page : 24 pages
File Size : 10,47 MB
Release : 2012-06-07
Category : Business & Economics
ISBN : 1475570708
This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the financial system that these policies are meant to address, and discusses their interrelations and some key implementation issues.
Author : Andrea Deghi
Publisher : INTERNATIONAL MONETARY FUND
Page : 54 pages
File Size : 46,75 MB
Release : 2021-11-05
Category : Business & Economics
ISBN : 9781557759764
The COVID-19 pandemic crisis has severely shocked the commercial real estate (CRE) sector, which could have important implications for macro-financial stability going forward because of the large size of the sector and its strong interconnectedness with the real economy. Using a novel methodology, this paper quantifies vulnerabilities in the CRE sector and analyzes policy tools available to mitigate related risks. The analysis shows that CRE prices were overvalued in several major advanced economies in 2020:Q1. It also shows that such price misalignments increase the likelihood of future price corrections and exacerbate downside risks to future GDP growth. While the path of recovery in the sector will depend inherently on the pace of overall economic recovery and the structural shifts induced by the pandemic, easy financial conditions may contribute to an increase in financial vulnerabilities and persistent price misalignment. Macroprudential policy can, however, be effective in curbing the financial stability risks posed by the CRE sector.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 60 pages
File Size : 24,7 MB
Release : 2011-03-14
Category : Business & Economics
ISBN : 1498339166
Macroprudential policy is a complement to microprudential policy and it interacts with other types of public policy that have an impact on systemic financial stability. Indeed, prudential regulation, as carried out in the past, also had some macroprudential aspects, and the recent crisis has reinforced this focus; hence, a clear separation between “micro” and “macro” prudential, if useful conceptually, is difficult to delineate in practice. Moreover, no matter how different policy mandates are structured, financial stability tends to be a common responsibility, reflecting the far reaching consequences of financial crises. This calls for coordination across policies, to ensure that systemic risk is comprehensively addressed. Equally important, macroprudential policy is no substitute for sound policies more broadly, including, in particular, strong prudential regulation and supervision, and sound macroeconomic policies. Operational independence in other policy areas, including monetary and microprudential policy, should not be undermined in the name of macroprudential policy. Finally, given the global nature of the financial system, the multilateral aspects of macroprudential policy will need to be fully considered—an important aspect that is only touched upon in this paper.
