Central Bank of Chile paper discusses adaptations to macro-prudential policy


A working paper published by the Central Bank of Chile in July outlines a possible approach to macro-prudential policy in emerging markets, which accounts in particular for non-core bank liabilities as an indicator of risk appetite.

The author, Hyun Song Shin, says: "Non-core liabilities can serve as an indicator of the 'supply push' factor of global liquidity resulting from expansive monetary policies." To address this issue, the paper suggests imposing a levy on such liabilities, noting that

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