Comparative Assessment of Macroprudential Policies. Bruno, V.; Shim, I.; and Shin, H. S. Journal of Financial Stability.
Comparative Assessment of Macroprudential Policies [link]Paper  doi  abstract   bibtex   
This paper provides a comparative assessment of the effectiveness of macroprudential policies in 12 Asia-Pacific economies over 2004–2013, using databases of domestic macroprudential policies and capital flow management (CFM) policies. We find that banking sector CFM policies and bond market CFM policies are effective in slowing down banking inflows and bond inflows, respectively. We also find some evidence of spillover effects of these policies. Finally, regarding the interaction of monetary policy and macroprudential policies, our empirical findings suggest that macroprudential policies are more successful when they complement monetary policy by reinforcing monetary tightening, than when they act in opposite directions.
@article{bruno_comparative_????,
	title = {Comparative {Assessment} of {Macroprudential} {Policies}},
	issn = {1572-3089},
	url = {http://www.sciencedirect.com/science/article/pii/S1572308916300134},
	doi = {10.1016/j.jfs.2016.04.001},
	abstract = {This paper provides a comparative assessment of the effectiveness of macroprudential policies in 12 Asia-Pacific economies over 2004–2013, using databases of domestic macroprudential policies and capital flow management (CFM) policies. We find that banking sector CFM policies and bond market CFM policies are effective in slowing down banking inflows and bond inflows, respectively. We also find some evidence of spillover effects of these policies. Finally, regarding the interaction of monetary policy and macroprudential policies, our empirical findings suggest that macroprudential policies are more successful when they complement monetary policy by reinforcing monetary tightening, than when they act in opposite directions.},
	urldate = {2016-04-18},
	journal = {Journal of Financial Stability},
	author = {Bruno, Valentina and Shim, Ilhyock and Shin, Hyun Song},
	keywords = {Asia-Pacific, Capital flow management policy, Complementarity, Interest rate policy, Macroprudential policy},
	file = {ScienceDirect Full Text PDF:files/54436/Bruno et al. - Comparative Assessment of Macroprudential Policies.pdf:application/pdf;ScienceDirect Snapshot:files/54437/S1572308916300134.html:text/html}
}
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