Macroprudential Policy Framework : A Practice Guide

Krishnamurti, Damodaran ; Lee, Yejin Carol

Washington, DC:World Bank

关键词: ACCESS TO INFORMATION;    ACCOUNTABILITY;    ACCOUNTING;    ARBITRAGE;    ASSET CLASSES;   

DOI  :  10.1596/978-1-4648-0085-6
RP-ID  :  87810

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This practice guide is primarilyintended as a reference and guidance for emerging marketeconomies in their migration to a formal macroprudentialpolicy framework. It relies largely on the existing wisdom,knowledge, and experience and was written with the intentionof assisting policy makers (and the World Bank staff workingwith these authorities) in the implementation ofmacroprudential policy frameworks in jurisdictions with thefollowing characteristics representative of a typicalemerging market and developing economy: 1) a simple andbank-dominated financial system where other financial sectorsegments are much smaller, but growing; 2) bankingsupervision function is within the central bank; 3)financial sector regulation/supervision is not integrated;4) uncertain availability of quality data. A macroprudentialpolicy framework is not a silver bullet for safeguardingfinancial stability. It is also useful to highlight that amacroprudential policy framework cannot take the place ofother public policy frameworks. While pursuingmacroprudential policy to build a more resilient financialsystem, authorities should also take into consideration thesignificant financial development needs that may exist intheir respective jurisdictions. This Practice Guide has beenstructured in a logical sequence that mirrorsimplementation. The second and third sections are laid outto clarify and provide some context to the concept of amacroprudential approach to supervision and discuss theinstitutional framework. The fourth and fifth sections dealwith the operational aspects of macroprudential policyframework that are timely detection of systemic risks usingearly warning systems and addressing the buildup of systemicrisks with macroprudential policy instruments.