Please use this identifier to cite or link to this item:
Title: Recent Trends in Macro-financial Policies: The Toolkit and Early Warnings
Authors: Ray, Partha
Vasudevan, A.
Keywords: Financial Stability, Macro-financial Policies, Systemic Risks, Early Warning Exercise
Issue Date: 2-Dec-2017
Publisher: Indian Institute of Management Calcutta
Series/Report no.: Working Paper Series;WPS No. 803
Abstract: Since the brewing up of the global financial crisis, macro-financial policies have entered the toolkit of macroeconomic policy makers in a big way. In particular, Central bankers all over the world have taken a keen interest in adopting macro-financial tools for containing systemic financial risks. In some sense the relationship between macro-financial policies and monetary policy is complementary in nature. In this backdrop this paper looks into four related issues: (a) meaning or understanding of what systemic risks mean; (b) measurement of financial linkage; and (c) policy tools for containing systemic risks; and (d) development of early warning exercise. Admittedly, identification of systemic risks are far more difficult than adopting traditional counter-cyclical stance of the standard monetary and fiscal policies. Nevertheless, in the days to come, the macroeconomic policymaker can afford to be oblivious to macro-financial policies only at their risk and peril.
Appears in Collections:2017

Files in This Item:
File Description SizeFormat 
wps_803.pdf672.09 kBAdobe PDFThumbnail

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.