The broad policy toolkit for financial stability: Foundations, fences, and fire doors
The post financial crisis period has been associated with increased countercyclical use of various financial policies, including residency-based measures. This paper analyses in a single analytical framework the relative effectiveness of three types of financial policies - macroprudential (foundatio...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2019
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| Schriftenreihe: | OECD Working Papers on International Investment
no.2019/02 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The post financial crisis period has been associated with increased countercyclical use of various financial policies, including residency-based measures. This paper analyses in a single analytical framework the relative effectiveness of three types of financial policies - macroprudential (foundations), currency-based (fences), and residency-based measures (fire doors). The findings in this paper are based on a granular quarterly database of adjustments in these policies that covers both advanced and emerging economies from 2000 to 2015. The results show that residency-based measures on bonds and credit reduce capital inflows but provide limited support for a credit-mitigation role. While no evidence emerges that macroprudential measures alter capital inflows, most appear effective in reducing credit growth. Currency-based measures may reduce both inflows and credit growth (particularly FX reserve requirements and FX lending regulations). These results indicate that the impact of policies needs to be analysed at a granular level and that policy makers should adopt an integrated view of the financial policy toolkit. |
| Beschreibung: | 1 Online-Ressource (41 p.) |
| DOI: | 10.1787/9188f06a-en |
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| spelling | Lepers, Etienne VerfasserIn aut The broad policy toolkit for financial stability Foundations, fences, and fire doors Etienne, Lepers and Caroline, Mehigan Paris OECD Publishing 2019 1 Online-Ressource (41 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Working Papers on International Investment no.2019/02 The post financial crisis period has been associated with increased countercyclical use of various financial policies, including residency-based measures. This paper analyses in a single analytical framework the relative effectiveness of three types of financial policies - macroprudential (foundations), currency-based (fences), and residency-based measures (fire doors). The findings in this paper are based on a granular quarterly database of adjustments in these policies that covers both advanced and emerging economies from 2000 to 2015. The results show that residency-based measures on bonds and credit reduce capital inflows but provide limited support for a credit-mitigation role. While no evidence emerges that macroprudential measures alter capital inflows, most appear effective in reducing credit growth. Currency-based measures may reduce both inflows and credit growth (particularly FX reserve requirements and FX lending regulations). These results indicate that the impact of policies needs to be analysed at a granular level and that policy makers should adopt an integrated view of the financial policy toolkit. Finance and Investment Mehigan, Caroline MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/9188f06a-en Volltext |
| spellingShingle | Lepers, Etienne The broad policy toolkit for financial stability Foundations, fences, and fire doors Finance and Investment |
| title | The broad policy toolkit for financial stability Foundations, fences, and fire doors |
| title_auth | The broad policy toolkit for financial stability Foundations, fences, and fire doors |
| title_exact_search | The broad policy toolkit for financial stability Foundations, fences, and fire doors |
| title_full | The broad policy toolkit for financial stability Foundations, fences, and fire doors Etienne, Lepers and Caroline, Mehigan |
| title_fullStr | The broad policy toolkit for financial stability Foundations, fences, and fire doors Etienne, Lepers and Caroline, Mehigan |
| title_full_unstemmed | The broad policy toolkit for financial stability Foundations, fences, and fire doors Etienne, Lepers and Caroline, Mehigan |
| title_short | The broad policy toolkit for financial stability |
| title_sort | broad policy toolkit for financial stability foundations fences and fire doors |
| title_sub | Foundations, fences, and fire doors |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/9188f06a-en |
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