2014年-世界发展银行全球_Macroprudential_Policy_Framework___A_Practice_Guide_75页_2mb

报告摘要

Summary of Macroprudential Policy Framework: A Practice Guide

Core Content

This World Bank Study serves as a Practice Guide for emerging market and developing economies (EMDEs) aiming to help them establish a macroprudential policy framework. It outlines the key principles, objectives, and operational aspects of macroprudential supervision, while emphasizing the importance of customization and nuancing based on the specific characteristics of each jurisdiction.

The guide is structured to reflect the implementation process, starting with an introduction, followed by an explanation of the term macroprudential, then moving into the institutional framework, early warning systems, policy instruments, and concluding with a summary of key principles.

Main Views

1. Macroprudential Policy Framework: Not a Silver Bullet

A macroprudential framework is not a standalone solution for financial stability but a complementary policy tool.
It should be used alongside monetary, fiscal, and microprudential policies.
The framework must be tailored to the unique institutional, legal, and economic environment of each country.

2. Macroprudential vs. Microprudential Approaches

Macroprudential focuses on systemic risk arising from interactions between financial institutions, markets, and the broader economy.
Microprudential focuses on individual institution risks and assumes the rest of the system is stable.
These two approaches are complementary, not substitutes. A strong microprudential framework is essential for the effective implementation of macroprudential policies.

3. Key Objectives of Macroprudential Policy

To reduce the risk of financial system distress.
To avoid or reduce the costs of such distress for the real economy.
To enhance the financial system's resilience to shocks.
To limit the buildup of systemic risks and prevent recurrence of financial crises.

4. Macroprudential Policy Instruments

These include tools such as capital requirements, leverage ratios, liquidity ratios, and loan-to-deposit ratios.
Instruments may also include financial market infrastructure policies.
The FSB-IMF-BIS framework identifies three defining elements of macroprudential policy: objective, scope, and instruments.

5. Early Warning Systems (EWS)

EWS is a crucial operational component of macroprudential policy.
It involves timely detection of systemic risks through early warning indicators (EWI).
Thresholds and triggers are important to signal when action is needed.
Communication is key to ensuring the effectiveness of EWS and to align policy responses with the broader goals of financial stability.

6. Institutional Framework

The establishment of a macroprudential authority is a key step in implementing such a framework.
The authority should have a clear mandate, independence, adequate resources, and powers to define the perimeter of surveillance, access information, and direct policy tools.
It may be located within the central bank (e.g., as a committee) or outside (as a committee of representative agencies), but central bank leadership is generally expected.

7. Challenges and Considerations

Data and information gaps can hinder the implementation of both EWS and macroprudential instruments.
Coordination and cooperation among various agencies are essential to avoid overlaps and conflicts in mandates.
Balancing financial stability and development objectives is a critical challenge, as macroprudential policies must not stifle financial development.
Procyclicality in financial systems and network risks (arising from collective behavior) are significant concerns that macroprudential policies aim to address.

Key Information

Macroprudential policy emerged as a response to the 2007–08 global financial crisis, highlighting the need for a system-wide regulatory approach.
The G-20 and FSB have played a central role in promoting the development of macroprudential frameworks.
The Fallacy of Composition (Box 2.1) illustrates how individual prudent actions can lead to systemic instability when repeated across institutions.
The Quick Reference Guide (Appendix A) provides a list of questions to help policy makers and users better understand and implement macroprudential policies.
India is cited as an example in Appendix B, with stability indicators and maps.
Appendix C provides a toolkit of macroprudential instruments, including capital adequacy, leverage, liquidity, and credit risk management tools.

Conclusion

The Practice Guide emphasizes the importance of a macroprudential approach in promoting financial stability and resilience, especially in EMDEs. It highlights the need for institutional clarity, data availability, and effective coordination among regulatory bodies. A well-designed macroprudential framework can help in early detection of systemic risks and in calibrating policy responses to mitigate them, while also supporting financial development without compromising stability.

Structure of the Guide

Chapter 1: Introduction to macroprudential policy and its relevance for EMDEs.
Chapter 2: Explanation of the term macroprudential and the distinction between macro- and microprudential approaches.
Chapter 3: Institutional framework and the establishment of a macroprudential authority.
Chapter 4: Early warning systems, including indicators, thresholds, and challenges.
Chapter 5: Overview of macroprudential policy instruments and their implementation.
Chapter 6: Conclusion and summary of key principles.
Appendices: Provide additional tools and examples for practical implementation.

References and Further Reading

The guide references works by Borio, Crockett, and Persaud, among others, and includes a list of references and further reading for deeper exploration.

Notes

The guide is not formally edited, reflecting the practical and timely nature of the World Bank's work.
The Creative Commons Attribution 3.0 Unported license allows for free use with proper attribution.
The ISBNs and DOI are provided for reference and citation.

展开完整摘要