http://www.bis.org/list/cgfs/tid_161/index.rss Publications of the Committee on the Global Financial System (CGFS), monitoring developments in global financial markets for the central bank Governors of the G10 countries. Macroprudential Policy en http://www.bis.org/publ/cgfs48.htm Abstract of "Operationalising the selection and application of macroprudential instruments", November 2012. This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the ... Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z This report - prepared by a Working Group chaired by José-Manuel González-Páramo, formerly European Central Bank - aims to help policymakers in operationalising macroprudential policies. Specifically, it draws out three high-level criteria that are key in determining the selection and application of macroprudential instruments: (i) the ability to determine the appropriate timing for the activation or deactivation of the instrument; (ii) the effectiveness of the instrument in achieving the stated policy objective; and (iii) the efficiency of the instrument in terms of a cost-benefit assessment. In trying to operationalise these criteria, this report proposes a number of practical tools. First, to help determine the appropriate timing for the activation and deactivation of instruments, it lays out stylised scenarios. Their identification is facilitated by two alternative approaches that seek to link systemic risk analysis and instrument selection. Second, to support the evaluation of the effectiveness and efficiency of macroprudential tools for a range of macroprudential instruments, the report proposes "transmission maps" - stylised presentations of how changes in individual instruments are expected to contribute to the objectives of macroprudential policy. Operationalising the selection and application of macroprudential instruments 2012-12-03T09:00:00Z BIS procyclicality early warning indicators Countercyclical capital requirements Loan-to-value ratios Countercyclical liquidity requirements PDF version http://www.bis.org/publ/cgfs48.pdf December 2012 Bank for International Settlements: CGFS Publications 48 http://www.bis.org/publ/cgfs45.htm Abstract of "Global liquidity - concept, measurement and policy implications", November 2011 Global liquidity - concept, measurement and policy implications 2011-11-13T20:00:00Z Global liquidity has become a key focus of international policy debates over recent years. This reflects the view that global liquidity and its drivers are of major importance for international financial stability. The concept of global liquidity, however continues to be used in a variety of ways and this ambiguity can lead to unfounded and potentially destabilising policy initiatives. Global liquidity - concept, measurement and policy implications 2011-11-13T20:00:00Z BIS global liquidity special drawing rights IMF programmes precautionary reserves credit aggregates central bank swaps PDF version http://www.bis.org/publ/cgfs45.pdf November 2011 Bank for International Settlements: CGFS Publications 45 E50 F30 E44 http://www.bis.org/publ/cgfs38.htm Abstract of "Macroprudential instruments and frameworks: a stocktaking of issues and experiences", May 2010 Macroprudential instruments and frameworks: a stocktaking of issues and experiences 2010-05-20T23:00:00Z Macroprudential instruments and frameworks: a stocktaking of issues and experiences 2010-05-20T23:00:00Z BIS systemic risk PDF version http://www.bis.org/publ/cgfs38.pdf May 2010 Bank for International Settlements: CGFS Publications 38 G01 G18 G28 E58 http://www.bis.org/publ/cgfs34.htm Abstract of 'The role of valuation and leverage in procyclicality', a report prepared by a joint Working Group of the FSF and the CGFS, April 2009 The role of valuation and leverage in procyclicality 2009-04-17T09:00:00Z The role of valuation and leverage in procyclicality 2009-04-17T09:00:00Z BIS leverage ratio funding liquidity risk maturity mismatch embedded leverage PDF version http://www.bis.org/publ/cgfs34.pdf April 2009 Bank for International Settlements: CGFS Publications 34