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This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the tools have been used. The paper shows how macroprudential policy is conducted under a heterogeneous set of institutional frameworks. In all cases macroprudential tools have been used to address risks in the housing market. In addition, some of them have moved to enhance the resilience of their banks to more general cyclical and structural risks.

Financial crises -- Government policy -- Case studies. --- Financial crises -- Prevention -- Case studies. --- Financial risk management -- Case studies. --- Mortgages -- Case studies. --- Banks and Banking --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Infrastructure --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Finance --- Property & real estate --- Banking --- Housing prices --- Loans --- Macroprudential policy --- Financial institutions --- Prices --- Financial sector policy and analysis --- National accounts --- Economic policy --- Banks and banking --- Saving and investment --- Hong Kong Special Administrative Region, People's Republic of China

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This paper gauges if, and how, institutional arrangements are correlated with the use of macroprudential policy instruments. Using data from 39 countries, the paper evaluates policy response time in various types of institutional arrangements for macroprudential policy and finds that the macroprudential framework that gives the central bank an important role is associated with more timely use of macroprudential policy instruments. Policymakers may also tend to use macroprudential instruments more quickly if the ability to conduct monetary policy is somehow constrained. This finding points to the importance of coordination between macroprudential and monetary policy.

Monetary policy --- Macroeconomics. --- Economics --- Econometric models. --- Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Financial Institutions and Services: Government Policy and Regulation --- Central Banks and Their Policies --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: General --- Public finance & taxation --- Banking --- Finance --- Macroprudential policy --- Institutional arrangements for revenue administration --- Macroprudential policy instruments --- Financial sector stability --- Financial sector policy and analysis --- Revenue administration --- Financial sector --- Economic sectors --- Economic policy --- Revenue --- Banks and banking --- Financial services industry --- China, People's Republic of