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This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.

Macroeconomics --- Money and Monetary Policy --- Real Estate --- Financial Aspects of Economic Integration --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Housing Supply and Markets --- Monetary economics --- Property & real estate --- Macroprudential policy --- Macroprudential policy instruments --- Credit --- Consumer credit --- Housing prices --- Financial sector policy and analysis --- Money --- Prices --- Economic policy --- Housing --- Greenland

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This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.

Finance: General --- Macroeconomics --- Industries: Financial Services --- Personal Finance --- Informal Economy --- Underground Econom --- Financial Markets and the Macroeconomy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Finance --- Computer applications in industry & technology --- Financial services --- Financial inclusion --- Mobile banking --- Macroprudential policy --- Macroprudential policy instruments --- Financial markets --- Technology --- Financial sector policy and analysis --- Financial services industry --- Economic policy --- Banks and banking, Mobile --- Kenya

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Past experience with financial crises places systemic risk oversight at the core of Korea’s approach to the financial system. The Korean authorities have amassed over a decade of experience with macroprudential policies. They have put in place rigorous and sophisticated processes for risk monitoring. They publish first-rate analysis. And they have actively developed measures to mitigate risks to the financial system—notably from FX exposures, and from household indebtedness—as circumstances have changed. But their system has evolved to be highly complex, which poses challenges for coordination, communication, and transparency; moreover, their toolkit needs to be extended. These areas should be the focus of efforts to strengthen the policy framework.

Monetary policy. --- Foreign exchange. --- Asset requirements --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Countercyclical capital buffers --- Depository Institutions --- Economic policy --- Finance --- Finance: General --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financial regulation and supervision --- Financial risk management --- Financial sector policy and analysis --- Financial sector stability --- Financial services industry --- Financial services law & regulation --- General Financial Markets: Government Policy and Regulation --- Macroeconomics --- Macroprudential policy instruments --- Macroprudential policy --- Micro Finance Institutions --- Mortgages --- Systemic risk --- Korea, Republic of

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A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly impact the financial cycle. In this context, the model shows that a monetary policy focused on its traditional inflation and output objectives accompanied by a well targeted counter-cyclical macroprudential policy yields better macroeconomic outcomes than a lean-against-the-wind monetary policy rule under a wide range of assumptions.

Thailand --- Finance: General --- Inflation --- Infrastructure --- Macroeconomics --- General Aggregative Models: Forecasting and Simulation --- Central Banks and Their Policies --- Financial Markets and the Macroeconomy --- General Financial Markets: Government Policy and Regulation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Price Level --- Deflation --- Finance --- Macroprudential policy instruments --- Macroprudential policy --- Financial sector stability --- Financial sector policy and analysis --- National accounts --- Prices --- Economic policy --- Financial services industry --- Saving and investment

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This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.

Kenya --- Finance: General --- Macroeconomics --- Industries: Financial Services --- Personal Finance --- Informal Economy --- Underground Econom --- Financial Markets and the Macroeconomy --- Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Finance --- Computer applications in industry & technology --- Financial services --- Financial inclusion --- Mobile banking --- Macroprudential policy --- Macroprudential policy instruments --- Financial markets --- Technology --- Financial sector policy and analysis --- Financial services industry --- Economic policy --- Banks and banking, Mobile