The Games of Throne: The Future of Macro-Prudential and Monetary Policies

Dear Colleagues,

Policymakers have frequently relied on macroprudential policies to address financial stability concerns. Given the paucity of extensive research on the combined role of these two policies, as well as their efficacy to target overall financial stability, this session is expected to provide new and further insight on the effectiveness of such policies in controlling banking and financial uncertainties. A special role is expected to be given to the role of such policies in emerging economies. The role of this policy mix is largely taking place in the context of the advanced industrial countries. However, emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of such policy measures. Moreover, emerging markets have had much greater experiences with macro-prudential policies, primarily because they have also experienced more pronounced business and financial cycles, while they have experienced greater exposures to international capital flow volatility, commodity price shocks, and other risks.

Topics that could be potentially discussed are: The use of indicators to guide such policies; policy tools and implementation; assessment of the effectiveness of such policies; the combined role of such policies in emerging markets; what is the appropriate macroprudential framework; measuring financial instability conditions; the effect of such policies on understanding financial cycle dynamics; modeling the empirical properties of the financial cycle; interactions between systemic risk, market dynamics and policy choices; spillovers between such policies; assessing the costs and benefits of macroprudential measures; changing patterns of financial intermediation; what is the role of nonbank players; calibration of macroprudential tools; and effectiveness of macroprudential tools.

Prof. Dr. Nicholas Apergis
Guest Editor

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• monetary policy
• macroprudential policy
• financial stability
• financial and banking vulnerabilities
• advanced countries
• emerging countries