Banque de France 18th Edition Financial Stability Review

Banque de France released its annual financial stability review this month.

“The focus of this 18th edition of the Financial Stability Review (FSR) is macroprudential policies; how they are implemented and their channels of transmission, and the way they interact with other policies, notably microprudential, fiscal and monetary policies.

The onset of the financial crisis and its consequences have led policymakers to take a more macroeconomic approach to financial system supervision, in order to safeguard its solidity and guarantee the financing and growth of the economy.

This 2014 edition of the FSR provides wide ranging views, emanating from most prominent international experts, and is also an opportunity for some of the pioneering countries in this field to share their experiences of macroprudential policy.”

– Macroprudential policies: rationale and objectives

Five questions and six answers about macroprudential policy
Jaime CARUANA and Benjamin H. COHEN, Bank for International Settlements

Governance of macroprudential policy
Klaas KNOT, De Nederlandsche Bank

From tapering to preventive policy
Charles GOODHART, London School of Economics, Financial Markets Group
and Enrico PEROTTI, University of Amsterdam and Centre for Economic Policy Research

Collective action problems in macroprudential policy and the need for international coordination
José VIÑALS and Erlend NIER, International Monetary Fund

A macroprudential perspective on regulating large financial institutions
Daniel K. TARULLO, Federal Reserve System

The impact of macroprudential policy on financial integration
Andreas DOMBRET, Deutsche Bundesbank


– Experiences regarding macro prudential policies

European macroprudential policy from gestation to infancy
Ignazio ANGELONI, European Central Bank

Macroprudential policy in France: requirements and implementation
Anne Le LORIER Banque de France

Implementing macroprudential policies: the Swiss approach
Jean‑Pierre DANTHINE, Swiss National Bank

The effects of macroprudential policies on housing market risks: evidence from Hong Kong
Dong HE, Hong Kong Monetary Authority

Macroprudential policies in Korea – Key measures and experiences
Choongsoo KIM, Bank of Korea

Framework for the conduct of macroprudential policy in India: experiences and perspectives
Kamalesh C. CHAKRABARTY, Reserve Bank of India

Learning from the history of American macroprudential policy
Douglas J. ELLIOTT, The Brookings Institution

Macroprudential policy and quantitative instruments: a European historical perspective
Anna KELBER and Éric MONNET, Banque de France

– Macroprudential policy interactions and transmission channels

Macroprudential policy beyond banking regulation
Olivier JEANNE and Anton KORINEK, Johns Hopkins University, Department of Economics

Principles for macroprudential regulation
Anil K KASHYAP, University of Chicago Booth School of Business,
Dimitrios P. TSOMOCOS, Said Business School, St Edmund Hall, University of Oxford
and Alexandros VARDOULAKIS, Federal Reserve System

Macroprudential capital tools: assessing their rationale and effectiveness
Laurent CLERC, Banque de France, Alexis DERVIZ, Czech National Bank,
Caterina MENDICINO, Banco de Portugal, Stéphane MOYEN, Deutsche Bundesbank,
Kalin NIKOLOV, Livio STRACCA, European Central Bank,
Javier SUAREZ, CEMFI, and Alexandros VAR DOULA KIS, Federal Reserve System

The housing market: the impact of macroprudential measures in France
Sanvi AVOUYI-DOVI, Rémy LECAT, Banque de France
and Claire LABONNE, Autorité de contrôle prudentiel et de résolution

Three criticisms of prudential banking regulations
Vivien LEVY-GARBOUA, Sciences Po and BNP Paribas
and Gérard MAAREK, EDHEC

Macroprudential policy and credit supply cycles
José‑Luis PEYDRÓ, Catalan Institution for Research and Advanced Studies, Universitat Pompeu Fabra

Interactions between monetary and macroprudential policies
Pamfili ANTIPA and Julien MATHERON, Banque de France

Banque de France’s financial stability report can be found on the CFS FSR page.

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