TY  - BOOK
AU  - Zhang,Longmei
AU  - Zoli,Edda
TI  - Leaning Against the Wind: Macroprudential Policy in Asia 
T2  - IMF Working Papers; Working Paper
SN  - 1475572476 :
SN  - 1018-5941
PY  - 2014///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Flow Measures
KW  - imf
KW  - Capital Flow
KW  - Capital Inflows
KW  - Credit Growth
KW  - Government Policy and Regulation
KW  - Housing Price
KW  - Hong Kong Special Administrative Region of China
N2  - In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key macroprudential instruments and capital flow measures in 13 Asian economies and 33 economies in other regions since 2000, and constructs various macroprudential policy indices, aggregating sub-indices on key instruments. Asian economies appear to have made greater use of macroprudential tools, especially housing-related measures, than their counterparts in other regions. The effects of macroprudential policy are then assessed through an event study, cross-country macro panel regressions and bank-level micro panel regressions. The analysis suggests that macroprudential policy and capital flow measures have helped curb housing price growth, equity flows, credit growth, and bank leverage. The instruments that have been particularly effective in this regard include loan-to-value ratio caps, housing tax measures, and foreign currency-related measures
UR  - http://elibrary.imf.org/view/IMF001/21141-9781475572476/21141-9781475572476/21141-9781475572476.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475572476
ER  -