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Macroprudential policies in open emerging economies

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  • Macroprudential policies in open emerging economies
  • Hahm, Joon-Ho Hahm; Mishkin, Frederic S.; Shin, Hyun Song et al.
  • Federal Reserve Bank of San Francisco


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Title Macroprudential policies in open emerging economies
Similar Titles
Material Type Articles
Author(English)

Hahm, Joon-Ho Hahm; Mishkin, Frederic S.; Shin, Hyun Song et al.

Publisher

[San Francisco]:Federal Reserve Bank of San Francisco

Date 2011-11
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding Federal Reserve Bank of San Francisco

Abstract

This paper examines macroprudential policies in open emerging economies. It discusses how the recent financial crisis has provided a rationale for macroprudential policies to help manage the economy and the need for policymakers to monitor the financial cycle and systemic risks. It also discusses one particularly promising measure of the state of the financial cycle, the growth of noncore liabilities of the financial sector, and evaluates macroprudential policy frameworks. The paper uses Korea as an example and conducts an empirical evaluation of noncore liabilities of Korean banks as a measure of the financial cycle.