G2TT
来源类型Papers
规范类型论文
来源IDCIGI Paper No. 191
Unpacking Macroprudential Policies: Strengths and Weaknesses
Idris Ademuyiwa; Pierre Siklos; Samantha St. Amand
发表日期2018-09-27
出版年2018
语种英语
摘要

The global financial crisis put paid to the notion that financial shocks are benign most of the time and revived the idea that microprudential policies needed to be paired with macroprudential policies. These policy developments have been referred to as financial repression, in part because the pre-crisis belief that markets ought to be unfettered was being challenged. While restraints on the financial sector are largely welcome, it is worth considering whether the response to the fallout from the crisis is going too far. Arguably, lost in the discussion over financial reform is the need to balance the benefits and costs of financial liberalization versus financial repression. The paper highlights two weaknesses in current macroprudential policy strategies and presents some evidence of rising financial repression globally. First, a considerable emphasis has been placed on the content as opposed to the effectiveness of macroprudential frameworks. In addition, there is currently insufficient understanding of and experience with the global transmission of shocks that emanate from manipulating macroprudential instruments. Second, if macroprudential frameworks are increasingly used to reinforce economic sovereignty, this may threaten the transparency of the global financial system. Finally, empirical results that highlight the links between domestic institutions and the deployment of macroprudential instruments over the past decade are provided. Ultimately, the success and failure of any macroprudential framework must be evaluated by the strength and governance of domestic institutions that support its delivery.

主题Trade & Finance
子主题Central Banking & International Finance
URLhttps://www.cigionline.org/publications/unpacking-macroprudential-policies-strengths-and-weaknesses
来源智库Centre for International Governance Innovation (Canada)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/180725
推荐引用方式
GB/T 7714
Idris Ademuyiwa,Pierre Siklos,Samantha St. Amand. Unpacking Macroprudential Policies: Strengths and Weaknesses. 2018.
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