Macroprudential Policy

169 Pages Posted: 5 Oct 2016

Date Written: September 2016


This volume contains 17 papers presented at the joint Central Bank of the Republic of Turkey (CBRT) - Bank for International Settlements (BIS) - International Monetary Fund (IMF) conference on "Macroprudential policy: effectiveness and implementation challenges" held in Istanbul, Turkey, during Turkey's presidency of the G20. They address the history, the theory and the practical implementation of macroprudential policies.

They analyse, inter alia: the nature of interactions with other policies (notably monetary policy and microprudential regulation); how macroprudential policies can cope with external shocks and what cross-border spillover effects arise; and the effectiveness of various macroprudential policy tools. Several country case studies are presented.

While the full publication can be downloaded using the above link, individual contributions are available separately.

Foreword to 'Macroprudential policy'

Macroprudential Policies and Integrated Inflation Targeting

Analysing the Effectiveness of Macroprudential Tools

Macroprudential Regulation: History, Theory and Policy

Session 1: "Macroprudential policy and its interactions with other policies"

Credit Cycles and Macroprudential Policy Framework in Emerging Countries

Monetary and Macroprudential Policies – Exploring Interactions

Session 2: "Spillover effects of macroprudential policy tools"

Macroprudential Policies and the Lucas Critique

Cross-Border Spillovers from Macroprudential Policy in the Euro Area

Banking De-Globalisation: A Consequence of Monetary and Regulatory Policies?

Session 3: "External shocks and macroprudential policy"

External Shocks, the Exchange Rate and Macroprudential Policy

Capital Flows, Credit Cycles and Macroprudential Policy

Macroprudential Policies in a Commodity Exporting Economy

Session 4: "Country experiences with macroprudential policies (I)"

Managing Systemic Risks in the Croatian Economy

Macroprudential Policy Regulation: Some Continuing Challenges

Session 5: "Effectiveness of macroprudential policy tools"

The Use and Effectiveness of Macroprudential Policies

Financial Development and the Effectiveness of Macroprudential Measures

Session 6: "Country experiences with macroprudential policies (II)"

Macroprudential Measures for Addressing Housing Sector Risks

Turkey's Experience with Macroprudential Policy

The Macroprudential Policy Framework in New Zealand

Session 7: "Microprudential and macroprudential links and policy frameworks"

A Liquidity-Based Approach to Macroprudential Policy

JEL Classification: E43, E58, F41, F42, G28

Suggested Citation

Settlements, Bank for International, Macroprudential Policy (September 2016). BIS Paper No. 86, Available at SSRN:

Bank for International Settlements (Contact Author)

Bank for International Settlements (BIS) ( email )

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Basel, Basel-Stadt 4051

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