Macro-prudential policy
ESRB sets out first steps towards common macro-prudential stance
Problems exist with turning conceptual framework into operational tool, report concedes
IMF recommends new tool to measure housing market risks
Model shows downside risks in Chinese housing market have grown recently, report finds
Uncertainty demands pragmatic approach, French governor says
Villeroy de Galhau warns central bankers to avoid creating “additional doubts”
Eurozone macro-prudential policies have large cross-border effects – ECB paper
Impact especially strong when different countries have asymmetric financial cycles, researchers say
IMF puts new macro-prudential database to work
Fund uses new data to test effectiveness of LTV ratios
DNB says house valuations need reform
“Systematic overvaluation” of Dutch housing is limiting effectiveness of macro-pru policy – DNB
IMF urges Bank of Korea to pursue ‘accommodative policy stance’
Fund urges central bank to implement “light” macro-prudential policies
Riksbank to reduce reserves and toughen ELA regime
Gold and foreign exchange assets will decline from $56 billion to $48 billion by October 2019
EMEs have limited policy independence if open to capital flows, researchers find
Alternative policy tools can be deployed to overcome the dilemma, the authors say
Spain creates macro-prudential committee
New body will be chaired by economy minister, with central bank governor as deputy
BIS book outlines macro-financial policy framework
“Integrated inflation targeting” would combine policies for maximum effect, authors say
Eurozone lending constraints are effective but only after a time lag, researcher says
IMF paper looks at efficacy of tighter lending on curbing house prices and credit
Most financial stability committees lack policy tools, researchers say
Many committees lack good internal processes and ability to implement policies, authors say
US bank interconnectedness is falling – San Fran Fed paper
New method focuses on idiosyncratic factors to identify possible links, researchers say
Buffers should not be rebuilt too quickly – Bank of Canada paper
Requirements should be lower during crisis recovery to avoid bank default, researcher argues
HKMA chief Norman Chan to retire in October
Chan’s leadership saw HKMA gain stronger macro-prudential powers
Philippine central bank handed new stability powers and mandate
Act removes money supply and credit as determinants for monetary policy in addition to granting central bank broader supervisory scope
Nordic-Baltic crisis simulation seeks to reinforce collective response
Nordic-Baltic Stability Group carried out first region-wide crisis scenario in January
IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget remains an issue
Brexit solution that ‘works for all’ must be found – Carney
BoE governor calls Brexit an “acid test” of a “new global order”
Latest restructuring boosts the PBoC’s regulatory clout
Hui Feng says the restructuring of the PBoC carries “profound implications” for the central bank’s role in policy-making
Thai central bank warns of housing and debt risks
Central bank says macro-prudential policy should curb build-up of weaknesses
Central Banking Awards: governor and central bank of the year unveiled
Karnit Flug and the Monetary Authority of Singapore win accolades
Central bank of the year: Monetary Authority of Singapore
Singapore’s central bank stands out for its pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision