With a little help from my friends: why large financial spillovers require more international macroprudential policy coordination

Remarks by Mr Luiz Awazu Pereira da Silva, Deputy General Manager of the BIS, at the Joint BIS-PIIE Roundtable on "Global interdependence: rethinking international policy coordination with a special focus on macroprudential policies", Washington DC, 18 April 2018.  

These remarks^*: (1) take stock of existing analyses on spillovers and spillbacks and examine evidence about their measurement and transmission, including macroprudental spillovers and regulatory leakages; (2) showcase new empirical and theoretical contributions on the rationale and potential gains of international macroprudential policy coordination; (3) recall the existing mechanisms for international macroprudential policy coordination through regulatory standards and reciprocity principles; and (4) discuss, from a policy perspective, how to go further to strengthen  international macroprudential policy coordination in a financially integrated world.

The views expressed here are my own and not necessarily those of the BIS or its member institutions.