{
  "title": "Finland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools",
  "publication": "IMF Staff Country Reports, February 1, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/01/31/finland-financial-sector-assessment-program-technical-note-on-macroprudential-policy-528773",
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  "summary": "This technical note highlights Macroprudential Policy Framework and Tools for the Finland Financial Sector Assessment Program. The institutional framework for macroprudential policy in Finland, formalized in 2014, is mostly in line with the IMF guidance for effective macroprudential policymaking.",
  "sections": [
    {
      "heading": "Institutional framework and governance",
      "content": "- The institutional framework for macroprudential policy in Finland was formalized in 2014 and is \"mostly in line with the IMF guidance for effective macroprudential policymaking.\"\n- Systemic risk monitoring is well organized and conducted on a timely basis, especially in the household sector.\n- Authorities have taken measures to contain risks related to the housing sector."
    },
    {
      "heading": "Key systemic vulnerabilities and risks",
      "content": "- The sustained increase in residential housing loans is identified as \"of important systemic concern.\"\n- Household indebtedness and income data limitations are being addressed through the ongoing development of Finland’s positive credit register, which \"will provide microdata on household indebtedness and income.\"\n- Corporate sector vulnerabilities require further development of analysis and remediation of related data gaps."
    },
    {
      "heading": "Data, monitoring, and analytics",
      "content": "- The positive credit register under development is expected to:\n  - Provide microdata on household indebtedness and income.\n  - Be useful to analyse vulnerabilities and to calibrate macroprudential policy.\n  - Be useful to authorities when considering the distributional consequences of macroprudential policies.\n- Current strengths: timely and well-organized systemic risk monitoring in the household sector.\n- Current weaknesses: corporate sector vulnerability analysis is less developed than household sector analysis; related data gaps should be addressed."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Continue strengthening the positive credit register to enable granular microdata analysis for policy calibration and distributional assessment.\n- Further develop analysis of corporate sector vulnerabilities to the same standard as household sector analysis.\n- Address identified data gaps that hinder comprehensive systemic risk assessment across sectors.\n- Maintain and refine macroprudential measures aimed at containing systemic risks stemming from the sustained increase in residential housing loans.\n\nSource: Finland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools\n\n---\n\n Content in this bundle\n\n- 1finea2023005\n  - 1finea2023005 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1finea2023005 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 1, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400230547.002",
    "The institutional framework for macroprudential policy in Finland was formalized in 2014 and is \"mostly in line with the IMF guidance for effective macroprudential policymaking.\"",
    "Systemic risk monitoring is well organized and conducted on a timely basis, especially in the household sector.",
    "Authorities have taken measures to contain risks related to the housing sector.",
    "The sustained increase in residential housing loans is identified as \"of important systemic concern.\"",
    "Household indebtedness and income data limitations are being addressed through the ongoing development of Finland’s positive credit register, which \"will provide microdata on household indebtedness and income.\"",
    "Corporate sector vulnerabilities require further development of analysis and remediation of related data gaps.",
    "The positive credit register under development is expected to:",
    "Current strengths: timely and well-organized systemic risk monitoring in the household sector.",
    "Current weaknesses: corporate sector vulnerability analysis is less developed than household sector analysis; related data gaps should be addressed.",
    "Continue strengthening the positive credit register to enable granular microdata analysis for policy calibration and distributional assessment.",
    "Further develop analysis of corporate sector vulnerabilities to the same standard as household sector analysis.",
    "Address identified data gaps that hinder comprehensive systemic risk assessment across sectors.",
    "Maintain and refine macroprudential measures aimed at containing systemic risks stemming from the sustained increase in residential housing loans.",
    "**1finea2023005**"
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