CGFS draws lessons from 168 years of macro-pru policy

Controlling housing market risks can force authorities into difficult political economy terrain

Bank for International Settlements, Basel
Bank for International Settlements, Basel
Photo: BIS

A new study by the Committee on the Global Financial System (CGFS) draws on a combined 168 years of macro-prudential policy-making to offer guidance on the complexities of tackling housing market risks.

The Basel-based committee’s report, published on December 11, reviews the experience of 14 jurisdictions with a combined experience of 168 years of operating macro-prudential tools. The CGFS is part of the Bank for International Settlements.

Housing markets pose particular challenges for macro

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