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En todos los países, emergentes y avanzados, se requieren mecanismos eficaces para aplicar políticas micro y macroprudenciales a fin de promover la estabilidad financiera global. Ambas políticas se complementan mutuamente, pero también puede haber aspectos en que se superpongan o entren en conflicto, lo cual complica esa relación de complementación. Se pueden evitar estas posibles tensiones organizando la interacción estrecha entre ambas políticas. En esta nota se aclaran las características esenciales de las políticas macroprudenciales y microprudenciales y sus interacciones, y se describen sus respectivos alcances. Se proponen mecanismos para armonizar ambas políticas con el fin de lograr la estabilidad financiera, identificando los elementos ideales para que haya una complementación efectiva entre ambas políticas. Esta nota suministra orientación general. Al determinar los mecanismos concretos deberán tenerse en cuenta las circunstancias específicas de cada país, considerando que no hay una solución única para todos los casos.

Banks and Banking --- Finance: General --- Macroeconomics --- Money Supply --- Credit --- Money Multipliers --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Finance --- Microeconomics --- Financial services law & regulation --- Macroprudential policy --- Systemic risk --- Microprudential policy --- Countercyclical capital buffers --- Financial sector stability --- Economic policy --- Financial risk management --- Asset requirements --- Financial services industry --- United Kingdom

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This paper reviews tools used to identify and measure interconnectedness and raises the awareness of policymakers as to potential cross-sectional implications of prudential tools aimed at controlling interconnectedness. The paper examines two sets of tools—developed at the IMF and externally—to identify the implications of interconnectedness in systemic risk and how these tools have been applied in IMF surveillance. The paper then proposes a preliminary framework to analyze some key internationally-agreed-upon and national prudential tools and finds that while many prudential tools are effective in reducing interconnectedness, the interaction among these tools is far less clear cut.

Financial risk. --- Risk management. --- Insurance --- Management --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Banks and Banking --- Finance: General --- Financial Institutions and Services: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Insurance Companies --- Actuarial Studies --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Financial Institutions and Services: Government Policy and Regulation --- Classification Methods --- Cluster Analysis --- Principal Components --- Factor Models --- Neural Networks and Related Topics --- General Financial Markets: Government Policy and Regulation --- Finance --- Banking --- Financial services law & regulation --- Economic & financial crises & disasters --- Financial contagion --- Systemic risk --- Liquidity requirements --- Bank resolution framework --- Financial sector policy and analysis --- Financial regulation and supervision --- Financial crises --- Countercyclical capital buffers --- Financial risk management --- Banks and banking --- State supervision --- Crisis management --- Asset requirements --- United States