Asset Prices, Macro Prudential Regulation, and Monetary Policy
Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated micro prudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of the a...
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Format: | Brief |
Language: | English en_US |
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World Bank, Washington, DC
2013
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Online Access: | http://documents.worldbank.org/curated/en/2013/05/17688951/asset-prices-macro-prudential-regulation-monetary-policy http://hdl.handle.net/10986/16116 |
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okr-10986-16116 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
institution |
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World Bank Open Knowledge Repository |
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World Bank |
language |
English en_US |
topic |
ACCOUNTABILITY ACCOUNTING ACCUMULATION OF RESERVES AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSET PRICE BOOMS ASSET PRICES ASSETS ASYMMETRIC INFORMATION BALANCE SHEET BALANCE SHEETS BANK FOR INTERNATIONAL SETTLEMENTS BANKING CRISES BANKING CRISIS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEMS BONDS BORROWER BUFFER BUFFERS BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL RATIOS CAPITAL STANDARDS CAPITALIZATION CASH TRANSFERS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS COLLATERAL CONSOLIDATION CORNER SOLUTION CORNER SOLUTIONS CREDIT EXPANSION CREDIT GROWTH CREDIT LINE CREDIT SPREADS CROSS-BORDER CAPITAL CURRENCY CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT BALANCES CURRENT ACCOUNT SURPLUS DEBT DEPOSITORS DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DISCRETIONARY MONETARY POLICY DISEQUILIBRIUM DISINTERMEDIATION DISTORTIONS DOMESTIC CREDIT DOMESTIC CREDIT GROWTH ECONOMIC ENVIRONMENT ECONOMIC OUTLOOK ECONOMIC RESEARCH ELASTICITY EMERGING ECONOMIES EMERGING MARKETS EQUILIBRIUM EQUILIBRIUM VALUE EQUITIES EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INTERVENTIONS EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE RATES EXCHANGE-RATE EXOGENOUS SHOCKS EXPOSURE EXTERNALITIES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENTS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL IMBALANCE FISCAL POLICY FLEXIBLE EXCHANGE RATES FOREIGN CAPITAL FOREIGN CURRENCY FUNGIBLE GDP GLOBAL BANKING GLOBAL FINANCIAL SYSTEM GLOBALIZATION GROSS DOMESTIC PRODUCT HOUSING HUMAN CAPITAL IMBALANCES INCENTIVE STRUCTURE INDIVIDUAL FIRMS INFLATION INFLATION TARGETING INFLOWS OF CAPITAL INSTRUMENT INTEREST RATE INTEREST RATE HIKES INTERNATIONAL ECONOMIC POLICY INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENTS LEADING INDICATORS LEVERAGE LIQUIDITY LIQUIDITY REQUIREMENTS LIQUIDITY RISKS LOAN LONG-TERM EQUILIBRIUM MACROECONOMIC EFFECTS MACROECONOMIC FLUCTUATIONS MACROECONOMIC MODEL MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET EUPHORIA MARKET FAILURES MARKET TRENDS MATURITY MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY AUTONOMY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY POLICY DECISIONS MONETARY TRANSMISSION MONETARY TRANSMISSION MECHANISMS NATIONAL ECONOMIES NATURAL RESOURCES NEGATIVE EXTERNALITIES NET CAPITAL OPTIMIZATION OUTPUT OUTPUT GAP OUTPUT GAPS PERMANENT SHOCKS POLICY RESPONSES PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE FLUCTUATIONS PRICE VOLATILITY PROBABILITY OF DEFAULT PRODUCTIVITY PROVISIONING RULES PRUDENTIAL REGULATION REAL ESTATE REAL EXCHANGE RATES REGULATORS REGULATORY FRAMEWORK REGULATORY REFORMS REGULATORY STANDARDS RESERVE RESERVE REQUIREMENTS RISK MANAGEMENT RISK MEASUREMENT RISK TAKING SHORT-TERM INTEREST RATE SHORT-TERM INTEREST RATES SIDE EFFECTS SOCIAL COSTS STABLE INFLATION STRUCTURAL SHOCKS SURCHARGES SYSTEMIC RISK TEMPORARY CAPITAL INFLOWS TERMS OF CAPITAL TRANSACTION TRANSACTION COSTS TRANSMISSION MECHANISMS UNCERTAINTY YIELD CURVE |
spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCUMULATION OF RESERVES AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSET PRICE BOOMS ASSET PRICES ASSETS ASYMMETRIC INFORMATION BALANCE SHEET BALANCE SHEETS BANK FOR INTERNATIONAL SETTLEMENTS BANKING CRISES BANKING CRISIS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEMS BONDS BORROWER BUFFER BUFFERS BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL RATIOS CAPITAL STANDARDS CAPITALIZATION CASH TRANSFERS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS COLLATERAL CONSOLIDATION CORNER SOLUTION CORNER SOLUTIONS CREDIT EXPANSION CREDIT GROWTH CREDIT LINE CREDIT SPREADS CROSS-BORDER CAPITAL CURRENCY CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT BALANCES CURRENT ACCOUNT SURPLUS DEBT DEPOSITORS DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DISCRETIONARY MONETARY POLICY DISEQUILIBRIUM DISINTERMEDIATION DISTORTIONS DOMESTIC CREDIT DOMESTIC CREDIT GROWTH ECONOMIC ENVIRONMENT ECONOMIC OUTLOOK ECONOMIC RESEARCH ELASTICITY EMERGING ECONOMIES EMERGING MARKETS EQUILIBRIUM EQUILIBRIUM VALUE EQUITIES EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INTERVENTIONS EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE RATES EXCHANGE-RATE EXOGENOUS SHOCKS EXPOSURE EXTERNALITIES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENTS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL IMBALANCE FISCAL POLICY FLEXIBLE EXCHANGE RATES FOREIGN CAPITAL FOREIGN CURRENCY FUNGIBLE GDP GLOBAL BANKING GLOBAL FINANCIAL SYSTEM GLOBALIZATION GROSS DOMESTIC PRODUCT HOUSING HUMAN CAPITAL IMBALANCES INCENTIVE STRUCTURE INDIVIDUAL FIRMS INFLATION INFLATION TARGETING INFLOWS OF CAPITAL INSTRUMENT INTEREST RATE INTEREST RATE HIKES INTERNATIONAL ECONOMIC POLICY INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENTS LEADING INDICATORS LEVERAGE LIQUIDITY LIQUIDITY REQUIREMENTS LIQUIDITY RISKS LOAN LONG-TERM EQUILIBRIUM MACROECONOMIC EFFECTS MACROECONOMIC FLUCTUATIONS MACROECONOMIC MODEL MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET EUPHORIA MARKET FAILURES MARKET TRENDS MATURITY MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY AUTONOMY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY POLICY DECISIONS MONETARY TRANSMISSION MONETARY TRANSMISSION MECHANISMS NATIONAL ECONOMIES NATURAL RESOURCES NEGATIVE EXTERNALITIES NET CAPITAL OPTIMIZATION OUTPUT OUTPUT GAP OUTPUT GAPS PERMANENT SHOCKS POLICY RESPONSES PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE FLUCTUATIONS PRICE VOLATILITY PROBABILITY OF DEFAULT PRODUCTIVITY PROVISIONING RULES PRUDENTIAL REGULATION REAL ESTATE REAL EXCHANGE RATES REGULATORS REGULATORY FRAMEWORK REGULATORY REFORMS REGULATORY STANDARDS RESERVE RESERVE REQUIREMENTS RISK MANAGEMENT RISK MEASUREMENT RISK TAKING SHORT-TERM INTEREST RATE SHORT-TERM INTEREST RATES SIDE EFFECTS SOCIAL COSTS STABLE INFLATION STRUCTURAL SHOCKS SURCHARGES SYSTEMIC RISK TEMPORARY CAPITAL INFLOWS TERMS OF CAPITAL TRANSACTION TRANSACTION COSTS TRANSMISSION MECHANISMS UNCERTAINTY YIELD CURVE Canuto, Otaviano Cavallari, Matheus Asset Prices, Macro Prudential Regulation, and Monetary Policy |
relation |
Economic Premise;No. 116 |
description |
Confidence in combining
inflation-targeting-cum-flexible-exchange-rate regimes with
isolated micro prudential regulation as a means to guarantee
both macroeconomic and financial stability has been
shattered by the scale and synchronization of the asset
price booms and busts that preceded the global financial
crisis. It has now become clear that if monetary policy
makers and prudential regulators are to succeed in achieving
stability, there can be no complacency regarding asset price
cycles. This note explores some of the ways in which
monetary policy can address asset price booms and busts
through its integration with macro prudential regulation. |
format |
Publications & Research :: Brief |
author |
Canuto, Otaviano Cavallari, Matheus |
author_facet |
Canuto, Otaviano Cavallari, Matheus |
author_sort |
Canuto, Otaviano |
title |
Asset Prices, Macro Prudential Regulation, and Monetary Policy |
title_short |
Asset Prices, Macro Prudential Regulation, and Monetary Policy |
title_full |
Asset Prices, Macro Prudential Regulation, and Monetary Policy |
title_fullStr |
Asset Prices, Macro Prudential Regulation, and Monetary Policy |
title_full_unstemmed |
Asset Prices, Macro Prudential Regulation, and Monetary Policy |
title_sort |
asset prices, macro prudential regulation, and monetary policy |
publisher |
World Bank, Washington, DC |
publishDate |
2013 |
url |
http://documents.worldbank.org/curated/en/2013/05/17688951/asset-prices-macro-prudential-regulation-monetary-policy http://hdl.handle.net/10986/16116 |
_version_ |
1764432182662660096 |
spelling |
okr-10986-161162021-04-23T14:03:27Z Asset Prices, Macro Prudential Regulation, and Monetary Policy Canuto, Otaviano Cavallari, Matheus ACCOUNTABILITY ACCOUNTING ACCUMULATION OF RESERVES AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSET PRICE BOOMS ASSET PRICES ASSETS ASYMMETRIC INFORMATION BALANCE SHEET BALANCE SHEETS BANK FOR INTERNATIONAL SETTLEMENTS BANKING CRISES BANKING CRISIS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEMS BONDS BORROWER BUFFER BUFFERS BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL ADEQUACY CAPITAL CONTROLS CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL RATIOS CAPITAL STANDARDS CAPITALIZATION CASH TRANSFERS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS COLLATERAL CONSOLIDATION CORNER SOLUTION CORNER SOLUTIONS CREDIT EXPANSION CREDIT GROWTH CREDIT LINE CREDIT SPREADS CROSS-BORDER CAPITAL CURRENCY CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT BALANCES CURRENT ACCOUNT SURPLUS DEBT DEPOSITORS DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DISCRETIONARY MONETARY POLICY DISEQUILIBRIUM DISINTERMEDIATION DISTORTIONS DOMESTIC CREDIT DOMESTIC CREDIT GROWTH ECONOMIC ENVIRONMENT ECONOMIC OUTLOOK ECONOMIC RESEARCH ELASTICITY EMERGING ECONOMIES EMERGING MARKETS EQUILIBRIUM EQUILIBRIUM VALUE EQUITIES EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE INTERVENTIONS EXCHANGE RATE MANAGEMENT EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE RATES EXCHANGE-RATE EXOGENOUS SHOCKS EXPOSURE EXTERNALITIES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENTS FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEMS FINANCIAL VULNERABILITIES FISCAL IMBALANCE FISCAL POLICY FLEXIBLE EXCHANGE RATES FOREIGN CAPITAL FOREIGN CURRENCY FUNGIBLE GDP GLOBAL BANKING GLOBAL FINANCIAL SYSTEM GLOBALIZATION GROSS DOMESTIC PRODUCT HOUSING HUMAN CAPITAL IMBALANCES INCENTIVE STRUCTURE INDIVIDUAL FIRMS INFLATION INFLATION TARGETING INFLOWS OF CAPITAL INSTRUMENT INTEREST RATE INTEREST RATE HIKES INTERNATIONAL ECONOMIC POLICY INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENTS LEADING INDICATORS LEVERAGE LIQUIDITY LIQUIDITY REQUIREMENTS LIQUIDITY RISKS LOAN LONG-TERM EQUILIBRIUM MACROECONOMIC EFFECTS MACROECONOMIC FLUCTUATIONS MACROECONOMIC MODEL MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET EUPHORIA MARKET FAILURES MARKET TRENDS MATURITY MINIMUM CAPITAL REQUIREMENT MINIMUM CAPITAL REQUIREMENTS MONETARY AUTONOMY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY POLICY DECISIONS MONETARY TRANSMISSION MONETARY TRANSMISSION MECHANISMS NATIONAL ECONOMIES NATURAL RESOURCES NEGATIVE EXTERNALITIES NET CAPITAL OPTIMIZATION OUTPUT OUTPUT GAP OUTPUT GAPS PERMANENT SHOCKS POLICY RESPONSES PORTFOLIO PORTFOLIOS POVERTY REDUCTION PRICE FLUCTUATIONS PRICE VOLATILITY PROBABILITY OF DEFAULT PRODUCTIVITY PROVISIONING RULES PRUDENTIAL REGULATION REAL ESTATE REAL EXCHANGE RATES REGULATORS REGULATORY FRAMEWORK REGULATORY REFORMS REGULATORY STANDARDS RESERVE RESERVE REQUIREMENTS RISK MANAGEMENT RISK MEASUREMENT RISK TAKING SHORT-TERM INTEREST RATE SHORT-TERM INTEREST RATES SIDE EFFECTS SOCIAL COSTS STABLE INFLATION STRUCTURAL SHOCKS SURCHARGES SYSTEMIC RISK TEMPORARY CAPITAL INFLOWS TERMS OF CAPITAL TRANSACTION TRANSACTION COSTS TRANSMISSION MECHANISMS UNCERTAINTY YIELD CURVE Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated micro prudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of the asset price booms and busts that preceded the global financial crisis. It has now become clear that if monetary policy makers and prudential regulators are to succeed in achieving stability, there can be no complacency regarding asset price cycles. This note explores some of the ways in which monetary policy can address asset price booms and busts through its integration with macro prudential regulation. 2013-10-10T20:52:45Z 2013-10-10T20:52:45Z 2013-05 http://documents.worldbank.org/curated/en/2013/05/17688951/asset-prices-macro-prudential-regulation-monetary-policy http://hdl.handle.net/10986/16116 English en_US Economic Premise;No. 116 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research |