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dc.contributor.authorRay, Partha
dc.contributor.authorVasudevan, A.
dc.description.abstractSince 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.en_US
dc.publisherIndian Institute of Management Calcuttaen_US
dc.relation.ispartofseriesWorking Paper Series;WPS No. 803
dc.subjectFinancial Stability, Macro-financial Policies, Systemic Risks, Early Warning Exerciseen_US
dc.titleRecent Trends in Macro-financial Policies: The Toolkit and Early Warningsen_US
dc.typeWorking Paperen_US
Appears in Collections:2017

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