Macroprudential Policy during COVID-19: The Role of Policy Space

2021 ◽  
Author(s):  
Katharina Bergant ◽  
Kristin Forbes
Keyword(s):  
Policy Space ◽  
Macroprudential Policy

Macroprudential Policy during COVID-19: The Role of Policy Space

2021 ◽  
Author(s):  
Katharina Bergant ◽  
Kristin J. Forbes
Keyword(s):  
Policy Space ◽  
Macroprudential Policy

scholarly journals On the Limits of Macroprudential Policy

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Marcin Kolasa
Keyword(s):  
Monetary Policy ◽  
Policy Instruments ◽  
New Keynesian ◽  
Output Volatility ◽  
Macroprudential Policy ◽  
Collateral Constraints ◽  
Keynesian Model ◽  
Additional Stabilization ◽  
The Interest Rate

AbstractThis paper studies how macroprudential policy tools applied to the housing market can complement the interest rate-based monetary policy in achieving one additional stabilization objective, defined as keeping either economic activity or credit at some exogenous (and possibly time-varying) levels. We show analytically in a canonical New Keynesian model with housing and collateral constraints that using the loan-to-value (LTV) ratio, tax on credit or tax on property as additional policy instruments does not resolve the inflation-output volatility tradeoff. Perfect targeting of inflation and credit with monetary and macroprudential policy is possible only if the role of housing debt in the economy is sufficiently small. The identified limits to the considered policies are related to their predominantly intertemporal impact on decisions made by financially constrained agents, making them poor complements to monetary policy, which also operates at an intertemporal margin. These limits can be overcome if macroprudential policy is instead designed such that it sufficiently redistributes income between savers and borrowers.

Debt Crisis and Learning – Replying to Two Stimulating Reviews

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Juan Pablo Bohoslavsky ◽  
Kunibert Raffer
Keyword(s):  
Human Rights ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Equal Treatment ◽  
Human Rights Law ◽  
Policy Space ◽  
Debt Crises

AbstractThis piece tackles Barrio Arleo and Lienau’s comments on Sovereign Debt Crises: What Have We Learned? while tries to further develop some ideas and discussions proposed in the book. This piece deals with existing alternatives to overcome debt crises, the link between sovereign policy space and the principle of creditors’ equal treatment, who the target of the book is (and should be), whether “learning is enough”, and the potential policy and legal role of human rights law in debt restructurings.

Carving out Policy Space for State Government in a Federation: The Role of Coordination

1998 ◽  
Vol 28 (4) ◽  
pp. 147 ◽  
Author(s):  
Glyn Davis
Keyword(s):  
State Government ◽  
Policy Space

scholarly journals The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

2021 ◽  
Author(s):  
Ugo Albertazzi ◽  
Emmanuelle Assouan ◽  
Oreste Tristani ◽  
Gabriele Galati ◽  
Thomas Vlassopoulos ◽  
...  
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Financial Stability ◽  
Macroprudential Policy

POLICIES FOR GLOBALIZATION AND DEVELOPMENT: FOUR EXAMPLES

2012 ◽  
Vol 03 (01) ◽  
pp. 1240007 ◽  
Author(s):  
IAN GOLDIN ◽  
KENNETH A. REINERT ◽  
JAVIER H. BEVERINOTTI
Keyword(s):  
Capacity Building ◽  
Brain Drain ◽  
Poverty Alleviation ◽  
Multinational Enterprises ◽  
Access To Medicines ◽  
Policy Space ◽  
Long Run ◽  
Building Standards ◽  
The Relationship

This paper addresses the role of policy in the relationship between globalization and development by considering four examples: trade-related capacity building, standards for multinational enterprises, medical brain drain, and access to medicines. The paper demonstrates that, despite concerns about policy space, there is some room for improving the way that globalisation processes contribute to development and poverty alleviation. None of the policies considered constitutes a fix-all but rather can make some marginal changes that could be significant in the long run.

scholarly journals BANK CONCENTRATION AND BANKING STABILITY: EVIDENCE FROM EAGLE GROUP

2021 ◽  
Vol 19 (4) ◽  
pp. 703-714
Author(s):  
Le Dinh Hac ◽  
Keyword(s):  
Banking System ◽  
Policy Instruments ◽  
Macroprudential Policy ◽  
Bank Stability ◽  
Macroeconomic Factors ◽  
Data Limitations ◽  
Equity Ratio ◽  
Banking Stability ◽  
The Impact

The study was conducted to assess the impact of the banking sector's concentration on the banking system's stability in Emerging and growth-leading economies (EAGLEs). In addition, the study also analyzed the role of macroeconomic factors in bank stability. By applying Bayesian multivariate linear regression, the posterior probability results show that money supply growth and credit growth erode the soundness of the banking system. On the other hand, economic growth helps to improve banking stability, but this effect is not obvious; surprisingly, inflation also increases the banking stability of the Emerging and growth-leading economies. Finally, the study shows that the equity ratio to total assets has a reverse relationship with bank stability. Due to data limitations, this study has not yet examined the role of macroprudential policy instruments in maintaining banking stability. Hence, in future studies, besides the factors considered in this study, we should focus on analyzing the impact of macroprudential policy instruments on banking stability.

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