What can we learn from the implementation of monetary and macroprudential policies: a systematic literature review

Simple item page
dc.contributor.authorLubis, Alexander
dc.contributor.authorAlexiou, Constantinos
dc.contributor.authorNellis, Joseph G.
dc.date.accessioned2019-04-04T14:30:45Z
dc.date.available2019-04-04T14:30:45Z
dc.date.issued2019-02-21
dc.description.abstractThe emergence of macroprudential policies, implemented by central banks as a means of promoting financial stability, has raised many questions regarding the interaction between monetary and macroprudential policies. Given the limited number of studies available, this paper sheds light on this issue by providing a critical and systematic review of the literature. To this end, we divide the theoretical and empirical studies into two broad channels of borrowers - consisting of the cost of funds and the collateral constraint - and financial intermediaries - consisting of risk-taking and payment systems. In spite of the existing ambiguity surrounding coordination issues between monetary and macroprudential policies, it is argued that monetary policy alone is not sufficient to maintain macroeconomic and financial stability. Hence, macroprudential policies are needed to supplement monetary. Additionally, we find that the role of the exchange rate is critical in the implementation of monetary and macroprudential policies in emerging markets, whilst volatile capital flows pose another challenge. In so far as how the arrangement of monetary and macroprudential policies varies across countries, key theoretical and policy implications have been identified.en_UK
dc.identifier.citationLubis A, Alexiou C, Nellis JG. (2019) What can we learn from the implementation of monetary and macroprudential policies: a systematic literature review, Journal of Economic Surveys, Volume 33, Issue 4, September 2019, pp. 1123-1150en_UK
dc.identifier.issn0950-0804
dc.identifier.urihttps://doi.org/10.1111/joes.12313
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/14040
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectmonetary policyen_UK
dc.subjectmacroprudential policyen_UK
dc.subjectcapital flowsen_UK
dc.subjectpayment systemen_UK
dc.subjectexchange rateen_UK
dc.subjectsystematic literature reviewen_UK
dc.titleWhat can we learn from the implementation of monetary and macroprudential policies: a systematic literature reviewen_UK
dc.typeArticleen_UK

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
implementation_of_monetary_and_macroprudential_policies-2019.pdf
Size:
1.01 MB
Format:
Adobe Portable Document Format
Description:
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.63 KB
Format:
Item-specific license agreed upon to submission
Description:
Download

Collections

Staff publications (SoM)