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Rules, Discretion, and Macro-Prudential Policy / Itai Agur, Sunil Sharma.
- Format:
- Book
- Government document
- Author/Creator:
- Agur, Itai.
- Series:
- IMF Working Papers; Working Paper ; No. 2013/065
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Financial institutions--State supervision.
- Financial institutions.
- Banks and banking, Central.
- Physical Description:
- 1 online resource (33 p.)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2013.
- Language Note:
- English
- Summary:
- The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, macro-prudential frameworks will have weaknesses that make it hard to implement policy. And dealing with the political economy is also likely to be challenging. But limiting discretion through the formulation of macro-prudential rules is complicated by the difficulties in detecting and measuring systemic risk. The paper suggests that oversight is best served by having a strong baseline regulatory regime on which a time-varying macro-prudential policy can be added as conditions warrant and permit.
- Contents:
- Cover; Abstract; Contents; I. Introduction; II. Rules-based macro-prudential regulation is difficult; Figures; Figure 1. Macro-Prudential Policies; III. Discretion opens the door to resistance; Figure 2. Agencies Involved in Macro-Prudential Policies; Table; Table 1. Main Macro-Prudential Tools; Figure 3. The Macro-Prudential Decision Process; Figure 4. Central Bank versus Joint Committee as Macro-Prudential Policymaker; 4a: Central Bank; 4b: Joint Committee; IV. A strong baseline: reducing the burden on time-varying policy; V. Concluding Remarks; References
- Notes:
- "March 2013."
- Includes bibliographical references.
- Description based on online resource; title from PDF title page (ebrary, viewed September 26, 2014).
- ISBN:
- 9781475520392
- 1475520395
- 9781475553390
- 1475553390
- 9781299395435
- 1299395430
- 9781475580136
- 1475580134
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