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Monetary policy and macroprudential regulation : whither emerging markets
 
Author:Canuto, Otaviano; Cavallari, Matheus; Collection Title:Policy Research working paper ; no. WPS 6310
Country:World; Date Stored:2013/01/09
Document Date:2013/01/01Document Type:Policy Research Working Paper
SubTopics:Currencies and Exchange Rates; Emerging Markets; Economic Theory & Research; Debt Markets; Banks & Banking ReformLanguage:English
Region:The World RegionReport Number:WPS6310
Volume No:1 of 1  

Summary: Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated microprudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of asset price booms and busts that preceded the current global financial crisis. This paper has a two-fold purpose. On the one hand, it explores the implications and challenges of acknowledging the need for coordination between monetary policies and macroprudential regulation. On the other, it points out specific challenges currently faced by central bankers in emerging economies, as they cope with policy and regulatory coordination in a context of debt overhang and unconventional monetary policies in advanced economies.

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