{
  "title": "Policy Instruments to Lean Against the Wind in Latin America",
  "publication": "IMF Working Papers, July 1, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/policy-instruments-to-lean-against-the-wind-in-latin-america-25024",
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  "summary": "This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them.\n- Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes."
    },
    {
      "heading": "Instruments examined",
      "content": "- (i) capital requirements, dynamic provisioning, and leverage ratios\n- (ii) liquidity requirements\n- (iii) debt-to-income ratios\n- (iv) loan-to-value ratios\n- (v) reserve requirements on bank liabilities (deposits and nondeposits)\n- (vi) instruments to manage and limit systemic foreign exchange risk\n- (vii) reserve requirements or taxes on capital inflows"
    },
    {
      "heading": "Authors and publication",
      "content": "- By G. Terrier, Rodrigo O. Valdes, Camilo E Tovar Mora, Jorge A Chan-Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos I. Medeiros, Man-Keung Tang, Mercedes Vera Martin, W. Christopher Walker\n- July 1, 2011"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Balance of payments, Banking, Capital inflows, Financial institutions, Foreign exchange, Loans, Monetary policy, Mortgages, Reserve requirements\n- Keywords: bank, Capital inflows, Central America, credit risk, DTI limit, Eastern Europe, Europe, FX credit risks, FX exposure, FX lending, FX risk, Global, Loans, Mortgages, North America, rate, Reserve requirements, RR, RR regulation, WP\n\n---\n\n Content in this bundle\n\n- Wp11159\n  - Wp11159 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp11159 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/policy-instruments-to-lean-against-the-wind-in-latin-america-25024"
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    "Authors: G. Terrier, Rodrigo O. Valdes, Camilo E Tovar Mora, Jorge A Chan-Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos I. Medeiros, Man-Keung Tang, Mercedes Vera Martin, W. Christopher Walker",
    "Published: July 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455297726.001",
    "This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them.",
    "Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.",
    "(i) capital requirements, dynamic provisioning, and leverage ratios",
    "(ii) liquidity requirements",
    "(iii) debt-to-income ratios",
    "(iv) loan-to-value ratios",
    "(v) reserve requirements on bank liabilities (deposits and nondeposits)",
    "(vi) instruments to manage and limit systemic foreign exchange risk",
    "(vii) reserve requirements or taxes on capital inflows",
    "By G. Terrier, Rodrigo O. Valdes, Camilo E Tovar Mora, Jorge A Chan-Lau, Carlos Fernandez Valdovinos, Mercedes Garcia-Escribano, Carlos I. Medeiros, Man-Keung Tang, Mercedes Vera Martin, W. Christopher Walker",
    "July 1, 2011",
    "Subject: Balance of payments, Banking, Capital inflows, Financial institutions, Foreign exchange, Loans, Monetary policy, Mortgages, Reserve requirements",
    "Keywords: bank, Capital inflows, Central America, credit risk, DTI limit, Eastern Europe, Europe, FX credit risks, FX exposure, FX lending, FX risk, Global, Loans, Mortgages, North America, rate, Reserve requirements, RR, RR regulation, WP",
    "**Wp11159**"
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