Macro-Financial Stability Policy in a Globalised World: Lessons from International Experience - Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and Mas-Bis Conference

724 Pages·2023·49.38 MB·English

by  Edward S. Robinson, Claudio Borio, Hyun Song Shin

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Published by
World Scientific Publishing Co. Pte. Ltd.
5 Toh Tuck Link, Singapore 596224
USA office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601
UK office: 57 Shelton Street, Covent Garden, London WC2H 9HE
Library of Congress Cataloging-in-Publication Data
Names: Borio, C. E. V., editor.
Title: Macro-financial stability policy in a globalised world : lessons from international experience /
editors Claudio Borio, Edward Robinson, Hyun Song Shin.
Description: Special AMPF edition | Hackensack, NJ : World Scientific, [2023] |
“Selected papers from the AMPF 2021 edition and MAS-BIS conference”--Title page. |
Includes bibliographical references and index.
m Identifiers: LCCN 2022037314 | ISBN 9789811259425 (hardcover) |
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c.c ISBN 9789811259432 (ebook for institutions) | ISBN 9789811259449 (ebook for individuals)
ntifi Subjects: LCSH: Monetary policy. | Globalization.
e Classification: LCC HG230.3 .M3364 2023 | DDC 332.4/6--dc23/eng/20221110
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ds LC record available at https://lccn.loc.gov/2022037314
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m British Library Cataloguing-in-Publication Data
o A catalogue record for this book is available from the British Library.
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Copyright © 2023 by Bank of International Settlements
All rights reserved.
For any available supplementary material, please visit
https://www.worldscientific.com/worldscibooks/10.1142/12921#t=suppl
Desk Editors: Lai Ann/Nicole Ong
Typeset by Stallion Press
Email: [email protected]
Printed in Singapore
These published proceedings of the May 2021 Conference, convened
by the BIS and MAS, provide a definitive account of the usage of
macro-prudential policies. A stellar collection of authors have written
five general and ten country/regional Chapters on this subject, with
discussant comments on each, all by top names in the field. A great
book and a must-read by anyone with an interest in financial regulation.
Charles Goodhart
London School of Economics
The global financial crisis of 2008 prompted a global call for a new
financial regulatory framework that regulates the cyclicality of the
financial system as a whole rather than its individual parts. Since then,
so-called macroprudential regulations have been introduced in many
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ntific. of systemic financial stability risks and increase financial buffers to
cie absorb shocks when they arrive. This book brings together the wisdom
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de well and what did not.
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European Central Bank
The COVID pandemic and geopolitical tensions brought significant
stability challenges for open economies. The headwinds are prominently
characterized by the pick-up in inflation and capital flow volatility. The
impact has been significant, but kneejerk policy responses will prove sub-
optimal. I highly recommend this book as it offers a collection of reasoned
insights and systematic analyses on many important policy choices
facing EMEs. Adding to its appeal is the accompanying commentaries
by independent experts. Differing perspectives can help readers gain a
more holistic understanding of the complex policy trade-offs at play.
Jin-Chuan Duan
National University of Singapore
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9x6 b4712 Macro-financial Stability Policy in a Globalised World
© 2023 World Scientific Publishing Company
https://doi.org/10.1142/9789811259432_fmatter
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Claudio Borio was appointed Head of the BIS Monetary and Economic
Department on 18 November 2013. At the BIS since 1987, Mr Borio
has held various positions in the Monetary and Economic Department
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o (MED), including Deputy Head of MED and Director of Research and
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ntifi Statistics as well as Head of Secretariat for the Committee on the Global
cie Financial System and the Gold and Foreign Exchange Committee (now
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orl the Markets Committee). From 1985 to 1987, he was an economist at
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w and Statistics Department. Prior to that, he was Lecturer and Research
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financial stability.
Edward Surendran Robinson is Deputy Managing Director of the
Economic Policy Group (EPG) and Chief Economist, MAS. He currently
heads the EPG which formulates Singapore’s monetary policy and
conducts macro-financial surveillance. The Group also undertakes
research on broader economic and financial issues facing the domestic
and external economies. Edward studied Economics/Econometrics at
Monash University and the University of Melbourne. He has a particular
interest in macroeconometric modelling and continues to be engaged
in the developmental work for the suite of MAS models, which are
used for both price and financial stability analysis. He has also been
involved in other areas of economic policy work including in various
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b4712 Macro-financial Stability Policy in a Globalised World 9x6
viii About the Editors
inter-governmental work groups, and served as a Board Member of the
Competition Commission of Singapore.
Hyun Song Shin took up the position of Economic Adviser and Head of
Research at the BIS on 1 May 2014. Before joining the BIS, Mr Shin was
the Hughes-Rogers Professor of Economics at Princeton University. In
2010, on leave from Princeton, he served as Senior Adviser to the Korean
president, taking a leading role in formulating financial stability policy in
Korea and developing the agenda for the G20 during Korea’s presidency.
From 2000 to 2005, he was Professor of Finance at the London School
of Economics. He holds a DPhil and MPhil in Economics from Oxford
University (Nuffield College) and a BA in Philosophy, Politics and
Economics from the same university.
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9x6 b4712 Macro-financial Stability Policy in a Globalised World
AAbboouutt tthhee CCoonnttrriibbuuttoorrss
Viral V Acharya is the C V Starr Professor of Economics in the
Department of Finance at New York University Stern School of Business
(NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of
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ntifi Bank of India (RBI) during 23 January 2017 to 23 July 2019 in charge of
cie Monetary Policy, Financial Markets, Financial Stability, and Research.
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w. a book titled “Quest for Restoring Financial Stability in India” (SAGE
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w Publishing India), with a new introductory chapter “Fiscal Dominance:
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d fr A Theory of Everything in India”. At Stern, Viral co-edited the books
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nl & Sons, March 2009, Regulating Wall Street: The Dodd-Frank Act and
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2010, and Dodd-Frank: One Year On, NYU-Stern and CEPR (released on
voxeu.org), July 2011. He is also the co-author of the book Guaranteed
to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance,
Princeton University Press, March 2011 and Harper Collins (India),
June 2011.
Pierre-Richard Agénor is Hallsworth Professor of International
Macroeconomics and Development Economics at the University of
Manchester. He has published numerous articles in leading professional
journals and made contributions to a wide range of fields and topics
in economics, including international macroeconomics, development
economics, growth theory, labour economics, financial regulation,
gender equality, and poverty analysis. He is the author of several books,
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