Reciprocity can curb macro-prudential ‘leakages’ – BIS paper

The Bank for International Settlements, Basel
The Bank for International Settlements, Basel
Photo: Ulrich Roth

A policy of reciprocating macro-prudential policies can improve welfare by limiting “leakages”, research published by the Bank for International Settlements finds.

Pierre-Richard Agénor, Timothy Jackson and Luiz Awazu Pereira da Silva say there has been little theoretical work on spillovers from macro-prudential policy, a gap they set out to fill. In the working paper, they outline a two-region, “core-periphery” structural model with financial frictions to study spillovers and the potential

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