{"title":"Assessment of macroprudential strategy documents: Are they ready for the challenges ahead?","authors":"","doi":"10.1057/s41261-024-00239-w","DOIUrl":null,"url":null,"abstract":"<h3>Abstract</h3> <p>Macroprudential policy is still a relatively new policy area (“more art than science”). Unlike monetary policy, it still does not have any tested and robust strategies to follow. Using a novel strategy index, we explore and critically review macroprudential strategy documents published in 30 countries in 2014–2023. The overall results point to fairly high quality of strategies, with low level of heterogeneity in the total score. Most strategy documents were published by central banks responsible for macroprudential policy. The score for strategies in European Union (EU) countries is higher and more homogenous than in non-EU countries. Elements least frequently included in the strategies include challenges for macroprudential policy (like cyber or climate risks) and its interactions with other policy areas. Macroprudential strategies were mostly issued after the credit boom. The results provide relevant policy implications on future revisions of this kind of document.</p>","PeriodicalId":15105,"journal":{"name":"Journal of Banking Regulation","volume":"14 1","pages":""},"PeriodicalIF":1.3000,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Banking Regulation","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1057/s41261-024-00239-w","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Macroprudential policy is still a relatively new policy area (“more art than science”). Unlike monetary policy, it still does not have any tested and robust strategies to follow. Using a novel strategy index, we explore and critically review macroprudential strategy documents published in 30 countries in 2014–2023. The overall results point to fairly high quality of strategies, with low level of heterogeneity in the total score. Most strategy documents were published by central banks responsible for macroprudential policy. The score for strategies in European Union (EU) countries is higher and more homogenous than in non-EU countries. Elements least frequently included in the strategies include challenges for macroprudential policy (like cyber or climate risks) and its interactions with other policy areas. Macroprudential strategies were mostly issued after the credit boom. The results provide relevant policy implications on future revisions of this kind of document.
期刊介绍：
Under the guidance of its highly respected Editors and an eminent and truly international Editorial Board?Journal of Banking Regulation?has established itself as one of the leading sources of authoritative and detailed information on all aspects of law and regulation affecting banking institutions.Journal of Banking Regulation?publishes in each quarterly issue detailed briefings analyses and updates which are of direct relevance to practitioners working in the field while meeting the highest intellectual standards.Journal of Banking Regulation?publishes the latest thinking and best practice on:Basel I II and IIIModels for banking supervisionInternational accounting standardsDeposit protectionEnforcement decisions in banking regulation and supervisionCross-border competition in banking servicesCorporate governance in banksHarmonisation in banking marketsSupervising credit riskAnti-money laundering legislation and regulationsMonetary integrationRisk capital and capital adequacySystemic risk in banking operationsCross-border regulationCross-border bank insolvencyModels for banking riskEssential reading for:central bankersbanking supervisorsfinancial regulatorsbankerscompliance officersheads of risk managementpolicy makersbank associationslawyers specialising in banking lawaccountantsinternal and external bank auditorsacademics and researchers
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