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The Macroprudential Policy Framework Needs to Be Global

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  • Lopez, Claude
  • Bruni, Franco

Abstract

Basell III was a direct answer to the 2008 financial crisis. Now 10 years after the crisis, it is time to assess its timeliness and make the necessary adjustments so it becomes truly global. In this policy brief, we first clarify the goals of macroprudential policy before highlighting the main challenges that home and host countries may run into when global financial institutions lend beyond their home countries. We then suggest to focus on four priorities to address these vulnerabilities: (i) An adaptable and flexible global framework, (ii) The generalization of international standards and best practices, (iii) A stronger global data depository, (iv) Regulatory and monitoring cooperation.

Suggested Citation

  • Lopez, Claude & Bruni, Franco, 2019. "The Macroprudential Policy Framework Needs to Be Global," MPRA Paper 92881, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:92881
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    File URL: https://mpra.ub.uni-muenchen.de/92881/1/MPRA_paper_92881.pdf
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    References listed on IDEAS

    as
    1. Adams-Kane, Jonathon & Lopez, Claude & Wilhelmus, Jakob, 2016. "2016 Global Opportunity Index," MPRA Paper 73720, University Library of Munich, Germany.
    2. Bruni, Franco & Lopez, Claude, 2019. "Monetary Policy and Financial System Resilience," MPRA Paper 92880, University Library of Munich, Germany.
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    Cited by:

    1. Zoe Venter, 2020. "The Interaction Between Macroprudential Policy and Financial Stability," Working Papers REM 2020/0123, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Zoë Venter, 2022. "Macroprudential policy under uncertainty," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 21(2), pages 161-209, May.

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    More about this item

    Keywords

    macroprudential policy; G20;

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F6 - International Economics - - Economic Impacts of Globalization

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