Macro-prudential policy
Central Bank of Ireland research scrutinises credit and house price links
Researchers anatomise Ireland’s painful housing boom and bust, highlighting importance of the 'income fraction' channel in creating sharp movements in mortgage credit supply
Fed heavyweights warn new bank resolution laws won't end ‘too big to fail'
Dudley, Lacker and Tarullo say 'single point of entry' framework under 'Title II' provision is important but inadequate; FOMC members call for long-term debt requirement for Sifis
UBS and Credit Suisse still pose risks to financial stability, SNB vice-chair says
Jean-Pierre Danthine argues Basel III is inadequate and does not rule out possibility of future public bail-outs; warns Switzerland's biggest banks still 'very large by international standards'
IMF paper finds macro-prudential policy can offset loss of monetary autonomy
Researchers build DSGE model of the eurozone to find optimal monetary and macro-prudential mix; find macro-prudential policy boosts welfare and ‘lends a hand’ to monetary policy
FDIC chair says Dodd-Frank means US regulators can manage failing Sifis
Martin Gruenberg argues Dodd-Frank Act's Title I and II provisions give ‘significant new authorities' to the FDIC to ‘plan for and manage the orderly failure of a Sifi'
ECB's Asmussen tells G-20 to slim down policy focus
Executive board member argues informal economic forum should concentrate on financial regulatory reform rather than ‘food security and labour issues'; calls for permanent G-20 secretariat
Haldane dismisses talk of monetary and macro-prudential tensions
Bank of England’s Andrew Haldane says it is a ‘virtue’ that different tools can be used to meet conflicting objectives; backs central banks for macro-prudential responsibilities
NPLs hold back Serbian banks as economic imbalances remain, says central bank
National Bank of Serbia financial stability report warns change in the behavioural pattern of European banks; says Fed taper could bridle domestic credit and economic growth in the medium term
Norges Bank handed advisory role on macro-prudential policy
Norwegian central bank will advise the ministry of finance on whether it should impose a countercyclical capital buffer and, if so, what size it should be
BoE prepares to implement Banking Standards recommendations
Response to final report of the UK’s Parliamentary Commission on Banking Standards endorses the majority of the findings, although many points require further consultation
Fed's Stein seeks right regulatory mix on fire-sales for SFTs
Fed governor Jeremy Stein calls for new mix of rules to ensure ‘fire sale’ of securities financing transactions work at the system-wide level
IMF proposes automatic stabilisers to guard against hot money flows
World Economic Outlook suggests countries can shield themselves from instability caused by volatile capital flows if they foster an environment allowing residents to easily invest overseas
RBNZ rings changes in policy frameworks
Annual report highlights changes in how Reserve Bank of New Zealand is organised, the way in which it formulates policy and the tools at its disposal
RBNZ bulletin tackles inflation, macro-prudential policy and reserve bank capital
Latest issue of Reserve Bank of New Zealand's bulletin examines why inflation has remained low despite healthy economic growth
ECB paper develops macro-pru tool probing impact of sudden capital outflows
Results show limited impact of a liquidity shock on banks' solvency ratios in the short term, but ‘moderate to high' effect on the supply of credit to the broader economy
Fed’s Tarullo draws on Crockett speech in outlining macro-prudential priorities
Daniel Tarullo sets out five central aims for current macro-prudential policy, taking lessons from a ‘prescient’ speech made by Andrew Crockett in 2000
ECB paper says regional macro-prudential tools would mitigate eurozone imbalances
Macro-prudential tools such as loan-to-value limits could help prevent imbalances between the eurozone core and periphery if applied on a regional basis, according to ECB research
RBNZ closing loan valuation loopholes
Reserve Bank of New Zealand proposes stricter rules on how banks value housing loans and residential properties to prevent them undermining new macro-prudential policy
Scandinavians open macro-pru toolbox to cool overheated housing markets
Rising property prices, increasing household debt and towering banking sectors are pushing Norway, Sweden, and Denmark to consider unconventional measures to pre-empt a crash
Minutes reveal Riksbank reluctant to give up say on macro-prudential matters
Deputies say democratic accountability is more about who has the right to make decisions than achieving policy objectives; see ‘clear link' between macro-prudential policy and monetary policy
BoE's Tucker clarifies FPC's macro-prudential powers
Article gives details of the inner workings of the Financial Policy Committee, including powers of direction and recommendation, its accountability and powers to hide information from the public
IMF report highlights macro-prudential challenges
Kohn and Viñals talk of key role for central banks in macro-prudential framework; report singles out challenges faced by national authorities in setting up macro-prudential policy frameworks
Obstfeld: Weak ex ante financial constraints prompt 'bad equilibria' in markets
Absent adequate fiscal space, financial instability will lead to price instability or sovereign default, which will further impair the functioning of financial markets
Mersch backs close relationship between monetary and macro-prudential policies
ECB executive board member says policies should take one another into consideration and exploit informational synergies; LSE academics concerned by politicisation of macro-prudential frameworks