Experiences with Macroprudential Policy — Five Case Studies

42 Pages Posted: 21 Jul 2015

See all articles by Salim M. Darbar

Salim M. Darbar

International Monetary Fund (IMF)

X. Wu

International Monetary Fund (IMF)

Date Written: June 2015

Abstract

This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the tools have been used. The paper shows how macroprudential policy is conducted under a heterogeneous set of institutional frameworks. In all cases macroprudential tools have been used to address risks in the housing market. In addition, some of them have moved to enhance the resilience of their banks to more general cyclical and structural risks.

Keywords: Macroprudential Policy, Hong Kong SAR, Netherlands, New Zealand, Singapore, Sweden, Cross country analysis, instruments, tools, credit, mortgage, central bank, property, markets, debt

JEL Classification: E44, E58, G28

Suggested Citation

Darbar, Salim M. and Wu, Xiaoyong, Experiences with Macroprudential Policy — Five Case Studies (June 2015). IMF Working Paper No. 15/123, Available at SSRN: https://ssrn.com/abstract=2633909

Salim M. Darbar (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Xiaoyong Wu

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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