Template-Type: ReDIF-Paper 1.0
Author-Name: Michael Brei
Author-X-Name-First: Michael
Author-X-Name-Last: Brei
Author-Name: Blaise Gadanecz
Author-X-Name-First: Blaise
Author-X-Name-Last: Gadanecz
Title: Inter-agency coordination bodies and the speed of prudential policy responses to the Covid-19 pandemic
Abstract: This paper investigates whether the presence of inter-agency coordination bodies for financial stability (IABs) has been associated with faster prudential policy responses to the Covid-19 pandemic. Using econometric analysis, we provide evidence that countries with IABs have enacted microprudential measures more quickly than countries without. This is not the case for macroprudential measures for which we find that IABs have been associated with slower responses. We conclude that IABs may have been useful as catalysts for the deployment of microprudential tools for macroprudential purposes.
Length: 29 pages
Creation-Date: 2021-10
File-URL: https://www.bis.org/publ/work969.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/work969.htm
File-Format: text/html
Number: 969
Keywords: central bank governance, inter-agency coordination body, financial stability council, microprudential policy, macroprudential policy, Covid-19, survival analysis.
Classification-JEL: D02, D78, E58
Handle: RePEc:bis:biswps:969