{
  "title": "Singapore: Financial Sector Assessment Program; Technical Note-Macroprudential Policy",
  "publication": "IMF Staff Country Reports, July 15, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/15/singapore-financial-sector-assessment-program-technical-note-macroprudential-policy-47111",
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  "summary": "This technical note evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments. It assesses the domestic institutional arrangement, systemic risk monitoring framework, and macroprudential policy toolkit.",
  "sections": [
    {
      "heading": "Purpose and scope",
      "content": "- Evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments.\n- Assesses:\n  - domestic institutional arrangement,\n  - systemic risk monitoring framework,\n  - macroprudential policy toolkit.\n- Discusses the use of macroprudential instruments in recent years and their effects on residential prices."
    },
    {
      "heading": "Institutional arrangements and mandate",
      "content": "- The institutional framework for macroprudential policymaking has been revised and contains a clear mandate and well-defined objectives.\n- The macroprudential mandate is assigned to dedicated committees within Monetary Authority of Singapore (MAS), limiting risk of dual mandates for the central bank.\n- The authorities have taken important steps in recent years to develop the macroprudential policy framework and address relevant recommendations.\n- Findings on strengths and weaknesses:\n  - Strengths: clear mandate, well-defined objectives, dedicated committees within MAS.\n  - Weaknesses: (assessment identifies areas for enhancement; specific recommendations are provided in the note)."
    },
    {
      "heading": "Systemic risk monitoring framework",
      "content": "- The note describes the existing systemic risk monitoring framework.\n- Provides options to strengthen the systemic risk monitoring framework."
    },
    {
      "heading": "Macroprudential policy toolkit and price effects",
      "content": "- Reviews the macroprudential policy toolkit available to Singaporean authorities.\n- Analyzes the price effect of macroprudential instruments on residential prices.\n- Documents the use of macroprudential instruments in recent years and their observed effects on residential prices."
    },
    {
      "heading": "Recommendations and options",
      "content": "- Provides recommendations on how to enhance institutional arrangements for macroprudential policymaking.\n- Provides options to strengthen the systemic risk monitoring framework.\n- Recommends measures to refine the macroprudential toolkit and its deployment to influence housing market dynamics and prices.\n\n---\n\n Content in this bundle\n\n- 1sgpea2019004\n  - 1sgpea2019004 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1sgpea2019004 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 15, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498325851.002",
    "Evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments.",
    "Assesses:",
    "Discusses the use of macroprudential instruments in recent years and their effects on residential prices.",
    "The institutional framework for macroprudential policymaking has been revised and contains a clear mandate and well-defined objectives.",
    "The macroprudential mandate is assigned to dedicated committees within Monetary Authority of Singapore (MAS), limiting risk of dual mandates for the central bank.",
    "The authorities have taken important steps in recent years to develop the macroprudential policy framework and address relevant recommendations.",
    "Findings on strengths and weaknesses:",
    "The note describes the existing systemic risk monitoring framework.",
    "Provides options to strengthen the systemic risk monitoring framework.",
    "Reviews the macroprudential policy toolkit available to Singaporean authorities.",
    "Analyzes the price effect of macroprudential instruments on residential prices.",
    "Documents the use of macroprudential instruments in recent years and their observed effects on residential prices.",
    "Provides recommendations on how to enhance institutional arrangements for macroprudential policymaking.",
    "Provides options to strengthen the systemic risk monitoring framework.",
    "Recommends measures to refine the macroprudential toolkit and its deployment to influence housing market dynamics and prices.",
    "**1sgpea2019004**"
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