Central banks will face a range of issues as macroprudential policy frameworks are developed and applied, because of central banks' roles in financial stability, and because successful macroprudential policy can help stabilise the economy. But questions surround how macroprudential policy should be defined and how its instruments should be operated.
This report summarises a preliminary "stocktaking" by the Committee on the Global Financial System of issues and experience related to the design and implementation of macroprudential policy. The production of the report was overseen by a coordinating group led by Lex Hoogduin of the Dutch central bank. The report includes summary results from a survey of central banks on their conceptions of macroprudential policy and their use of macroprudential instruments, and from a central bank workshop on the use of macroprudential instruments relating to property lending markets, many of which have been applied in emerging economies.
JEL classification: E58, G01, G18, G28