2014年-IMF国际货币组织全球_Staff_Guidance_Note_on_Macroprudential_Policy_44页_1mb

Summary of the IMF Staff Guidance Note on Macroprudential Policy (December 2014)

Core Content

This document is a Staff Guidance Note on Macroprudential Policy, prepared by the IMF staff and finalized on November 6, 2014. It serves as a guide for the IMF staff in providing advice on macroprudential policy during Fund surveillance. The note is based on the principles outlined in the "Key Aspects of Macroprudential Policy" paper and incorporates insights from international standard setters and country experiences.

Main Objectives

The primary goal of macroprudential policy is to limit systemic risk and reduce the frequency and severity of financial crises. It achieves this by:

• Increasing the resilience of the financial system to aggregate shocks.
• Containing the build-up of systemic vulnerabilities over time.
• Controlling structural vulnerabilities within the financial system, especially those related to the concentration of risks in key intermediaries.

Key Issues for Operational Advice

The note outlines five key issues that staff should consider when advising on macroprudential policy tools:

1. When to activate and tighten macroprudential tools

   • Staff should conduct a comprehensive analysis of systemic vulnerabilities, including credit booms, household and corporate sector risks, and liquidity and currency mismatches.
   • Indicators such as the credit/GDP gap, household loan growth, and leverage ratios should be used to signal the need for action.

2. Issues in implementing macroprudential tools

   • The implementation of macroprudential tools may face challenges, including political resistance, regulatory coordination, and data availability.
   • Tools must be designed to effectively address the specific vulnerabilities identified.

3. When and to what extent to relax macroprudential tools

   • Relaxation of time-varying tools is justified when risks materialize or recede.
   • However, premature relaxation may reignite risks, and prudential minima must be respected.

4. How to communicate macroprudential policy

   • Clear communication is essential to ensure the effective transmission of macroprudential measures.
   • Communication strategies include policy strategies, regular risk assessments, and documentation of policy discussions.

5. Addressing leakages of macroprudential tools

   • Leakages can occur both domestically (to nonbanks) and cross-border.
   • Staff should advise on strategies to address leakages, including expanding the scope of intervention and coordinating with international bodies.

Country-Specific Considerations

Staff advice should take into account country-specific circumstances, such as:

• Data availability and supervisory capacity.
• The stock of private sector credit.
• The degree of economic diversification.
• The level of financial integration with the global economy.

Institutional Framework

A strong institutional framework is essential for the effective implementation of macroprudential policy. It should ensure:

• Willingness to act by policymakers.
• Ability to act through appropriate legal powers.
• Cooperation among supervisory and regulatory agencies in risk assessment and mitigation.

Policy Coordination

Macroprudential policy should complement other macroeconomic and financial sector policies, rather than substitute for them. It should be used in conjunction with:

• Monetary policy to address price stability while mitigating financial stability risks.
• Structural and fiscal policies to reduce real imbalances and undue risk-taking.

Key Principles for Institutional Advice

The note outlines three key principles for the institutional framework of macroprudential policy:

1. Willingness to Act: The framework must ensure that policymakers are motivated to take timely and decisive action.
2. Ability to Act: Policymakers must have the legal authority and regulatory capacity to implement macroprudential measures effectively.
3. Cooperation in Risk Assessment and Mitigation: Coordination among supervisory agencies is necessary to address systemic risks comprehensively.

Supporting Documents

• A Staff Supplement on Detailed Guidance on Instruments provides further information on the specific tools available for addressing different vulnerabilities.
• A Staff Supplement on Considerations for Low Income Countries offers tailored advice for these economies.

Conclusion

The guidance note is intended as a living document, to be updated periodically as new experiences and insights emerge. It emphasizes the importance of judgment, data collection, and policy coordination in the effective use of macroprudential tools. Staff should not apply the guidance mechanically but should engage in in-depth analysis and dialogue with country authorities to tailor policy recommendations to specific contexts.

Key Tools and Their Applications

Additional Notes

• The boundary between macroprudential and microprudential policy can create tensions, but a strong institutional framework can help manage these.
• Strong microprudential supervision is a prerequisite for the effectiveness of macroprudential policy.
• Rules-based approaches can help overcome political economy challenges, but they must be supplemented by guided discretion and analytical capacity.

This guidance note is a critical reference for IMF staff in advising on macroprudential policy and aims to enhance the effectiveness, coherence, and consistency of policy recommendations across countries.