Macroprudential Policy - An Organizing Framework - Background Paper
Macroprudential Policy - An Organizing Framework - Background Paper

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2011-03-14

Total Pages: 33

ISBN-13: 1498339174

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MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.

Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management
Lessons of the Financial Crisis for Future Regulation of Financial Institutions and Markets and for Liquidity Management

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2009-04-02

Total Pages: 28

ISBN-13: 149833637X

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This paper seeks to draw lessons for financial sector regulation and supervision and central bank liquidity management from the ongoing crisis, focusing principally on implications for the future rather than on immediate crisis management policies. Inadequacies in macroeconomic policies and the design of the international financial architecture exposed in the crisis will also have to be addressed to make the suggested changes in the regulatory framework effective.

Challenges to Central Banking from Globalized Financial Systems
Challenges to Central Banking from Globalized Financial Systems

Author: Ms.Andrea Schaechter

Publisher: International Monetary Fund

Published: 2004-03-02

Total Pages: 314

ISBN-13: 9781589062177

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Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in September 2002. It examines key issues such as the choice of nominal anchor for countries susceptible to shifts in capital flows, what can be done to prevent and deal decisively with financial crises, and how central bankers should think about the difficult choices when monetary objectives and financial stability objectives come into conflict.

Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis
Financial Stability Frameworks and the Role of Central Banks: Lessons from the Crisis

Author: Erlend Nier

Publisher: INTERNATIONAL MONETARY FUND

Published: 2009-04-01

Total Pages: 64

ISBN-13: 9781451872170

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This paper sets out general principles for the design of financial stability frameworks, starting from an analysis of the objectives and tools of financial regulation. The paper then offers a comprehensive analysis of the costs and benefits of the two main models that have emerged for modern financial systems: the integrated model, with a single supervisor outside of the central bank, and the twin-peaks model, with a systemic risk regulator (central bank) on the one hand and a conduct of business regulator on the other. The paper concludes that the twin-peaks model may become more attractive when regulatory structures are geared more explicitly towards the mitigation of systemic risk-including through the introduction of new macroprudential tools that could be used alongside monetary policy to contain macro-systemic risks; through enhanced regulation and special resolution regimes for systemically important institutions; and a more holistic approach to the oversight of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development of financial markets in any given country, a number of hybrid models are also discussed.

Monetary Policy Strategy
Monetary Policy Strategy

Author: Frederic S. Mishkin

Publisher: MIT Press

Published: 2007

Total Pages: 561

ISBN-13: 0262134829

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This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.

The Lender of Last Resort Function after the Global Financial Crisis
The Lender of Last Resort Function after the Global Financial Crisis

Author: Marc Dobler

Publisher: International Monetary Fund

Published: 2016-01-22

Total Pages: 63

ISBN-13: 1513567780

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The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.

Managing Systemic Banking Crises
Managing Systemic Banking Crises

Author: Ms.Marina Moretti

Publisher: International Monetary Fund

Published: 2020-02-11

Total Pages: 88

ISBN-13: 1513512277

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This paper updates the IMF’s work on general principles, strategies, and techniques from an operational perspective in preparing for and managing systemic banking crises in light of the experiences and challenges faced during and since the global financial crisis. It summarizes IMF advice concerning these areas from staff of the IMF Monetary and Capital Markets Department (MCM), drawing on Executive Board Papers, IMF staff publications, and country documents (including program documents and technical assistance reports). Unless stated otherwise, the guidance is generally applicable across the IMF membership.

Staff Guidance Note on Macroprudential Policy
Staff Guidance Note on Macroprudential Policy

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-06-11

Total Pages: 45

ISBN-13: 1498342620

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This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Financial Stability Monitoring
Financial Stability Monitoring

Author: Tobias Adrian

Publisher:

Published: 2020

Total Pages: 0

ISBN-13:

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In a recently released New York Fed staff report, we present a forward-looking monitoring program to identify and track time-varying sources of systemic risk.