Macro-prudential policy
Sweden's Riksbank holds rates, but new deputy dissents
Ingves suggests the possibility of another increase in mortgage risk-weights after they were raised to a minimum of 15% in April; Riksbank estimates consumer price inflation to remain at 1% in 2013
RBNZ bulletin examines last crisis through ‘macro-prudential lens’
Article finds that a counter-cyclical capital buffer and changes to the core funding ratio could have been ‘usefully employed’ in 2004 to build financial sector resilience
RBNZ deputy threatens use of loan-to-value restrictions to curb housing demand
Grant Spencer says interest rate hike would not be an 'appropriate response' to strong housing demand while macro-prudential intervention could be effective
Monetary policy links to financial stability ‘are not straightforward', says Fed paper
Research paper from Fed's Finance and Economics Discussion Series finds monetary policy and financial stability concerns can be complementary - but the connections are complex
RBNZ unveils 2013-2016 ‘statement of intent'
New Zealand central bank intends to make better use of a wider range of communication tools, as well as beefing up its macro-prudential toolkit
ESRB issues macro-pru advice, as IMF warns over possible conflicts
European Systemic Risk Board recommends five ‘intermediate objectives' for macro-prudential policies in the EU; IMF paper warns of potential conflicts with micro-prudential measures
RBNZ’s prudential supervision head backs simpler regulation
Toby Fiennes expresses ‘sympathy’ for arguments in favour of simpler banking regulation, but cautions that simplicity can bring problems of its own; gives hints as to future of regulation
Ingves wants Riksbank monopoly over macro-prudential policy
Stefan Ingves dismisses proposals for central bank and financial services authority to share responsibility for macro-prudential responsibility
ECB paper finds cost of macro-prudential policies may outweigh benefits
Working paper finds macro-prudential policies can be effective in deflating asset bubbles, but warns the cost of doing so may be higher than the benefit
Swedish deputy says monetary policy must remain as tool for dealing with financial imbalances
Per Jansson says macro-prudential policies will only complement, and not replace, the Riksbank’s use of its benchmark interest rate to lean against financial imbalances
RBNZ releases blueprint for macro-prudential tools
Central bank outlines decision-making process behind macro-prudential intervention; says there is more room for policymaker judgement than in monetary policy
Italian deputy sees difficulties in macro-prudential policy implementation
Fabio Panetta discusses ways that macro-prudential policies may be circumvented or rendered ineffectual and suggests possibilities for solving these problems
Fed paper says macro-prudential policy is not a new idea
Research studies various macro-prudential policies employed in the past, seeking insights for contemporary policy-makers
Robert Pringle's Viewpoint: Watch what central bankers do, not what they say
Recent speeches by Ben Bernanke and Mark Carney signal a new phase in the development of central bank rhetoric. The big question is whether they preface a change in policy
Caruana tells central banks to focus more on financial stability
BIS general manager calls for central banks to adopt a 'fully integrated macro-financial perspective' and lengthen policy horizons when financial stability concerns grow
BoE research examines links between channels of macro-prudential policy
Financial stability paper looks at the well-studied allocation channel and the less-studied signalling channel, finding the two to be closely linked
RBNZ gets macro-prudential go-ahead
New Zealand’s’ central bank tools up with four macro-prudential instruments; analyst says continued growth in house prices could prompt action before year-end
The SSM, banking union and the future of prudential policy in Europe
The establishment of a single supervisory mechanism under the ECB will help mitigate a number of threats to Europe’s financial system, writes Ignazio Angeloni. But still more needs to be done
RBNZ intervenes in forex and hits bank capital
Central bank boosts mortgage lending capital requirements and sells New Zealand dollars to ‘take the tops off rallies’; economy faces low inflation but strong dollar and overheating housing market
FSB review finds bank resolution regimes 'lack important powers'
Results of last year's peer review show many countries still need to pass legislation to empower supervisory agencies to resolve failed financial institutions effectively
Sarb’s head of financial stability fears new powers may cause conflict
Hendrik Nel says the Reserve Bank was not given much choice but to accept new supervisory powers; warns of conflict with monetary policy and possible threat to independence
Czech research examines macroprudential policy in small economies
Policy note stresses the importance of considering cyclical systemic risk when setting macro-prudential policy in a small EU economy
Haldane defends BoE's macro-prudential policy
Andrew Haldane says recent instruction to banks to increase levels of capital will stimulate lending to real economy; academics debate viability of macro-prudential policy
IMF paper recommends China adopt ‘better-targeted’ macro-prudential policies
Study encourages China to tailor macro-prudential tools to regional and economics differences in country’s banks; suggests coupling policies with greater commercialisation