Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination:
This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude sinc...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Basel
Bank for International Settlements
April 2018
|
| Schriftenreihe: | BIS papers
No. 97 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude since the global financial crisis. Then it proceeds with evaluating the potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial market frictions. The particular case of currency unions is discussed, and so is the issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination. Much of this analysis focuses on the potential for countercyclical policy coordination between major advanced economies and a group identified as systemic middle-income countries (SMICs). Finally, the paper considers practical ways to promote international macroprudential policy coordination. Following a discussion of Basel III's principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by the Bank for International Settlements, the Financial Stability Board and the International Monetary Fund to evaluate and raise awareness of the gains from international coordination of macroprudential policies |
| Beschreibung: | Includes bibliographical references (pages 44-52). - Erscheint auch als Online-Ausgabe |
| Beschreibung: | vi, 53 Seiten Illustrationen 30 cm |
| ISBN: | 9789292591595 |
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| 245 | 1 | 0 | |a Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |c by Pierre-Richard Agénor and Luiz A. Pereira da Silva. Monetary and Economic Department |
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| 520 | 3 | |a This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude since the global financial crisis. Then it proceeds with evaluating the potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial market frictions. The particular case of currency unions is discussed, and so is the issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination. Much of this analysis focuses on the potential for countercyclical policy coordination between major advanced economies and a group identified as systemic middle-income countries (SMICs). Finally, the paper considers practical ways to promote international macroprudential policy coordination. Following a discussion of Basel III's principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by the Bank for International Settlements, the Financial Stability Board and the International Monetary Fund to evaluate and raise awareness of the gains from international coordination of macroprudential policies | |
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| spelling | Agénor, Pierre-Richard 1957- Verfasser (DE-588)12408009X aut Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination by Pierre-Richard Agénor and Luiz A. Pereira da Silva. Monetary and Economic Department Basel Bank for International Settlements April 2018 vi, 53 Seiten Illustrationen 30 cm txt rdacontent n rdamedia nc rdacarrier BIS papers No. 97 Includes bibliographical references (pages 44-52). - Erscheint auch als Online-Ausgabe This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude since the global financial crisis. Then it proceeds with evaluating the potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial market frictions. The particular case of currency unions is discussed, and so is the issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination. Much of this analysis focuses on the potential for countercyclical policy coordination between major advanced economies and a group identified as systemic middle-income countries (SMICs). Finally, the paper considers practical ways to promote international macroprudential policy coordination. Following a discussion of Basel III's principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by the Bank for International Settlements, the Financial Stability Board and the International Monetary Fund to evaluate and raise awareness of the gains from international coordination of macroprudential policies Silva, Luiz A. Pereira da 1956- Verfasser (DE-588)129314854 aut Bank für Internationalen Zahlungsausgleich Währungs- und Wirtschaftsabteilung (DE-588)5043752-5 isb 9789292591601 https://www.bis.org/publ/bppdf/bispap97.htm kostenfrei Volltext |
| spellingShingle | Agénor, Pierre-Richard 1957- Silva, Luiz A. Pereira da 1956- Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |
| title | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |
| title_auth | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |
| title_exact_search | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |
| title_full | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination by Pierre-Richard Agénor and Luiz A. Pereira da Silva. Monetary and Economic Department |
| title_fullStr | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination by Pierre-Richard Agénor and Luiz A. Pereira da Silva. Monetary and Economic Department |
| title_full_unstemmed | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination by Pierre-Richard Agénor and Luiz A. Pereira da Silva. Monetary and Economic Department |
| title_short | Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination |
| title_sort | financial spillovers spillbacks and the scope for international macroprudential policy coordination |
| url | https://www.bis.org/publ/bppdf/bispap97.htm |
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