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

In: MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference

Author

Listed:
  • Valentina Bruno

Abstract

Macroprudential polices (or “macro-pru”) have become a popular tool to address systemic risk especially after the Global Financial Crisis (GFC). South Korea is one example of macro-pru being successfully in action. In June 2010, South Korea introduced a series of macroprudential measures aimed at moderating the procyclicality of the banking sector, especially cross-border banking sector liabilities (Bruno and Shin, 2014). In the chapter, Bergant and Forbes use the COVID-19 event as a natural experiment to examine how more than a decade of macro-pru policies have performed in the presence of an exogenous shock. Bergant and Forbes use a comprehensive dataset that combines three macro-pru tools (countercyclical capital buffer, loan-to-value-ratio and FX intervention), augmented with the most recent macro-pru adjustments. The study is a timely and very important work that highlights differences in macro-pru preparedness across countries…

Suggested Citation

  • Valentina Bruno, 2023. "Macroprudential Policy during COVID-19: The Role of Policy Space: A Discussion," World Scientific Book Chapters, in: Claudio Borio & Edward S Robinson & Hyun Song Shin (ed.), MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 202, chapter 9, pages 175-182, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811259432_0009
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    Keywords

    Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F - International Economics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F01 - International Economics - - General - - - Global Outlook
    • F3 - International Economics - - International Finance
    • E - Macroeconomics and Monetary Economics

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