Externalities and Macroprudential Policy

Author/Editor:

Gianni De Nicolo ; Giovanni Favara ; Lev Ratnovski

Publication Date:

June 7, 2012

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

Summary:

This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the financial system that these policies are meant to address, and discusses their interrelations and some key implementation issues.

Series:

Staff Discussion Notes No. 12/05

Subject:

English

Publication Date:

June 7, 2012

ISBN/ISSN:

9781475504095/2221-030X

Stock No:

SDNEA2012005

Format:

Paper

Pages:

24

Please address any questions about this title to publications@imf.org