World Scientific Publishing Company Macro-financial Stability Policy In A Globalised World: Lessons From International Experience - Selected Papers From The Ampf 2021 Edition And Mas-bis ... 2021 Special Edition and MAS-BIS Conference

Since at least the Great Financial Crisis, authorities around the world have increasingly relied on macroprudential policies to help secure financial stability and complement monetary policy as an integral element of a broader macro-financial stability framework. Moreover, in today's interconnected global financial system, policy actions taken by the major advanced economies can also have major spillovers on the rest of the world through their impact on capital flows and exchange rates, potentially generating vulnerabilities across borders. Conversely, in emerging market economies, macroprudential policies as well as foreign exchange intervention and/or capital flow management policies can help mitigate the corresponding impact. And those vulnerabilities can in turn generate spillbacks on advanced economies ― spillbacks that have become more sizeable as the emerging market economies' heft in the world has grown. Yet little is known about these interactions. The contents of this book are based on a conference held in Singapore from 26-28 May 2021 and jointly hosted by the Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS). It aims to contribute to existing literature on macro-financial policymaking by providing an overall conceptual framework and documenting the latest global trends and country experiences. In particular, it highlights the role of international spillovers and spillbacks, paying particular attention to EMEs. This book is a must-read for academics, graduate students and economic professionals. It can also serve as a handbook for policymakers at central banks, regulatory authorities and other government agencies with the task of designing and implementing macroprudential or more generally macro-financial stability policies. The book will also be of interest to researchers at international organisations.