{
  "title": "Towards Effective Macroprudential Policy Frameworks: An Assessment of Stylized Institutional Models",
  "publication": "IMF Working Papers, November 1, 2011",
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  "summary": "A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function.\n- The paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice.\n- It addresses: rethinking institutional boundaries between central banks and financial regulatory agencies; setting up dedicated policymaking committees; and enhancing cooperation within existing institutional structures."
    },
    {
      "heading": "Methodology and structure",
      "content": "- Reviews briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries.\n- Identifies stylized institutional models based on key features that distinguish institutional arrangements.\n- Develops criteria to assess the effectiveness of models.\n- Examines the strengths and weaknesses of models against these criteria.\n- Explores ways to improve existing setups.\n- Distills lessons and sets out desired principles for effective macroprudential policy arrangements."
    },
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      "heading": "Key findings and themes",
      "content": "- Institutional boundaries between central banks and financial regulatory agencies are being reconsidered in some countries to support macroprudential policy functions.\n- Dedicated policymaking committees are being established in some jurisdictions as part of reform efforts.\n- In other jurisdictions, the focus is on enhancing cooperation within existing institutional structures rather than creating new bodies.\n- Effectiveness of institutional models depends on features assessed against the paper’s developed criteria (criteria are developed and applied within the paper)."
    },
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      "heading": "Policy implications and recommendations",
      "content": "- Design arrangements that explicitly support a macroprudential policy function, informed by the paper’s criteria and assessment of stylized models.\n- Consider reforms to institutional boundaries where central banks and regulatory agencies’ roles impede macroprudential effectiveness.\n- Where institutional overhaul is not feasible, strengthen cooperation mechanisms within existing structures.\n- Use the paper’s distilled lessons and desired principles to guide country-specific policy advice and institutional design.\n\n---\n\n Content in this bundle\n\n- wp11250\n  - wp11250 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp11250 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/towards-effective-macroprudential-policy-frameworks-an-assessment-of-stylized-institutional-25322"
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    "Authors: Erlend Nier, Luis Ignacio Jácome, Jacek Osinski, Pamela Madrid",
    "Published: November 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781463923327.001",
    "A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function.",
    "The paper provides basic guidance for the design of effective arrangements, in a manner that can provide a framework for country-specific advice.",
    "It addresses: rethinking institutional boundaries between central banks and financial regulatory agencies; setting up dedicated policymaking committees; and enhancing cooperation within existing institutional structures.",
    "Reviews briefly the main institutional elements of existing and emerging macroprudential policy frameworks across countries.",
    "Identifies stylized institutional models based on key features that distinguish institutional arrangements.",
    "Develops criteria to assess the effectiveness of models.",
    "Examines the strengths and weaknesses of models against these criteria.",
    "Explores ways to improve existing setups.",
    "Distills lessons and sets out desired principles for effective macroprudential policy arrangements.",
    "Institutional boundaries between central banks and financial regulatory agencies are being reconsidered in some countries to support macroprudential policy functions.",
    "Dedicated policymaking committees are being established in some jurisdictions as part of reform efforts.",
    "In other jurisdictions, the focus is on enhancing cooperation within existing institutional structures rather than creating new bodies.",
    "Effectiveness of institutional models depends on features assessed against the paper’s developed criteria (criteria are developed and applied within the paper).",
    "Design arrangements that explicitly support a macroprudential policy function, informed by the paper’s criteria and assessment of stylized models.",
    "Consider reforms to institutional boundaries where central banks and regulatory agencies’ roles impede macroprudential effectiveness.",
    "Where institutional overhaul is not feasible, strengthen cooperation mechanisms within existing structures.",
    "Use the paper’s distilled lessons and desired principles to guide country-specific policy advice and institutional design.",
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