Macroprudential policies in EMEs theory and practiceEMES中地宏观审慎政策：理论与实践.pdf

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1、MacroprudentialpoliciesinEMEs:theoryandpractice1PhilipTurnerAbstractThispaperexaminesthemacroeconomicandmicroeconomicdimensionsofsystemicrisk.Thedesignofpracticalmacroprudentialpoliciestoaddresssuchrisksiscomplex.Issuestobetackledinclude:(a)statisticstoaccuratelymeasurecurrencyandm

2、aturitymismatches(whichusuallylieattheheartofEMEcrises)andthedegreeofleverage;(b)clarificationofmacroeconomicandfinancialsystemdynamics;(c)theselectionofpolicytoolsbestsuitedforparticularcountries;and(d)quantificationofthemanydimensionsofthe“cycle”.Coordinationbetweenmacroprudentia

3、landmonetarypolicywillraiseanumberofthornyissues.JELclassification:E44,E58,F36andG28Keywords:Macroprudentialpolicies,externalities,monetarypolicy,regulationofcapitalflowsIntroductionMytaskinthissessionistointroduceadebateaboutmacroperspectivesonfinancialstability.Everybodyknowsthat

4、therisksaffectingthefinancialsystemarenotsimplyaggregationsoftherisksofindividualinstitutions.Banksupervisorsmustthereforetakeaccountofrisksaffectingthesystemasawhole.Everybodyhasheardtheword“macroprudential”,atermfirstusedinBaselCommitteediscussionsonsystemicriskinthelate1970s.But

5、peopleinterpretthe“systemic”orsystem-wideaspectsoffinancialriskindifferentways.Thisnotethereforeseekstoprovideaconceptualoverview–andhighlightsthoseareaswherepeopledisagree.Thefirstsectiontriestoclarifyitsvariousmeaningsof“systemic”and“macroprudential”.Thesecondsectionconsidersseve

6、ralstrategicissuestobeaddressedwhendesigningpracticalpolicies.Thethirdsectiondiscussesthelinkwith2monetarypolicy.Afewwordsonpoliciesandgovernancefollowinthefinalsection.1Viewsexpressedaremyown,notnecessarilythoseoftheBIS.ThanksareduetoClareBattsforhelpingmepreparethisnote.Thanksals

7、otoparticipantsforthehelpfulcommentsreceivedduringtheconference.CommentsbyKarlCordewener,DietrichDomanski,RichhildMoessner,MSMohantyandTimNgarealsoacknowledgedwiththanks.2GalatiandMoessner(2011)provideagoodreview.Moreno(2011)providesausefulanalysisoftheissuesthataremostimportantina

8、nEMEcontext.BISPapersNo621