scholarly journals Macroprudential policy coordination in a currency union

2021 ◽  
pp. 103791
Author(s):  
Pierre-Richard Agénor ◽  
Timothy Jackson ◽  
Pengfei Jia
Keyword(s):  
Currency Union ◽  
Policy Coordination ◽  
Macroprudential Policy

Macroprudential policy in a currency union

2018 ◽  
Vol 155 (1) ◽  
pp. 23-33 ◽  
Author(s):  
Claudia M. Buch ◽  
Benjamin Weigert
Keyword(s):  
Currency Union ◽  
Macroprudential Policy

scholarly journals INTENSITAS PERDAGANGAN DAN KESELARASAN SIKLUS BISNIS DI ASEAN-4 DAN UNI EROPA *

2011 ◽  
Vol 12 (2) ◽  
pp. 163
Author(s):  
Etty Puji Lestari
Keyword(s):  
Monetary Policy ◽  
Business Cycles ◽  
Business Cycle ◽  
Currency Union ◽  
Policy Coordination ◽  
Trade Intensity ◽  
Regression Methods ◽  
Trading Partners ◽  
Monetary Policy Coordination ◽  
The Business Cycle

The main objective of this research is to empirically analyze how the business cycle of ASEAN-4 (namely Indonesia, Malaysia, Thailand, and Philippines) economies are influenced by increased trade with European Union especially Netherland and Germany. Increased trade can lead business cycles across trading partners to be patterned in either direction, towards convergence or divergence. We used regression and vectorautoregression (VAR) methods for this research. Regression methods is based panel data whereas VAR is based on the time series analysis. There are four variables, which are business cycle, trade intensity, fiscal policy coordination and monetary policy coordination. This research conclude that trade intensity and monetary policy coordination are the major channel though which the business cycles of ASEAN-4 economies become synchronized. This has important implications for the formation of a currency union.

scholarly journals Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination

2021 ◽  
Author(s):  
Pierre-Richard Agénor ◽  
Luiz A. Pereira da Silva
Keyword(s):  
Policy Coordination ◽  
Macroprudential Policy ◽  
Middle Income ◽  
Middle Income Countries ◽  
Cross Border ◽  
Macroprudential Policies ◽  
Quantitative Studies ◽  
Advanced Economies ◽  
Analytical Work ◽  
Monetary Policy Coordination

AbstractThis paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It begins with a review of the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks. Limitations of the existing literature are also identified. The potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial frictions, are then evaluated. The issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination is also discussed. The analysis focuses on the potential for policy coordination between major advanced economies and a group identified as systemically-important middle-income countries (SMICs). Next, practical ways to promote international macroprudential policy coordination are considered. Following a discussion of Basel III’s Principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by international financial institutions to evaluate, and raise awareness of, the gains from international coordination of macroprudential policies.

scholarly journals Financial Stability and Sustainability under the Coordination of Monetary Policy and Macroprudential Policy: New Evidence from China

2019 ◽  
Vol 11 (6) ◽  
pp. 1616 ◽  
Author(s):  
Ying Jiang ◽  
Chong Li ◽  
Jizhou Zhang ◽  
Xiaoyi Zhou
Keyword(s):  
Monetary Policy ◽  
Risk Taking ◽  
Financial Stability ◽  
Stock Price ◽  
Generalized Method Of Moments ◽  
Housing Prices ◽  
Policy Coordination ◽  
Macroprudential Policy ◽  
Price Bubbles ◽  
Coordination Effect

After the financial crisis, financial stability and sustainability became key to global economic and social development, and the coordination of monetary policy and macroprudential policy plays a crucial role in maintaining financial stability and sustainability. This paper provides a theoretical analysis and empirical evidence from China on the impact of monetary policy and macroprudential policy coordination on financial stability and sustainability. We collect data from 2003 to 2017; from the micro level, we use the System Generalized Method of Moments (System GMM) method to analyze the monetary policy and macroprudential policy coordination effect on 88 commercial banks’ risk-taking; from the macro level, we use the Structural Vector Autoregression (SVAR) method to analyze the two policies coordination effect on housing prices and stock price bubbles. The conclusions are as follows: firstly, for regulating bank risk-taking, monetary policy and macroprudential policy should conduct counter-cyclical regulation simultaneously; secondly, for regulating housing prices, tight monetary policy and tight macroprudential policy should be implemented alternately; thirdly, for regulating stock price bubbles, macroprudential policy should be the first line of defense and monetary policy should be the second one.

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