Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy-An Asian Perspective - Softcover
Synopsis
Contents.- Foreword.- Chapter 1: Introduction and Overview.- Chapter 2: The Three Phases of Global Liquidity.- 2.1: Conceptual and Measurement Issues.- 2.2: First Phase of Global Liquidity.- 2.2.1: Round-trip Bank Flows to the US.- 2.2.2: Banking Sector Flows to the Rest of the World.- 2.2.3: Exchange Rates and Leverage.- 2.3: Second Phase of Global Liquidity.- 2.4: The Case of Emerging Asia.- 2.5: Third Phase and Onward.- 2.6: References.- Chapter 3: Early Warning Indicators for Financial Vulnerabilities.- 3.1: Principles for Selection of Early Warning Indicators.- 3.2: Core and Noncore Liabilities.- 3.3: References.- Chapter 4: Emerging Asia's Noncore Liabilities and Policy Effectiveness.- 4.1: Bank-led Flows, Noncore Liabilities, and Credit Growth.- 4.2: Reassessing Monetary Policy.- 4.3: Appendix.- 4.4: References.- Chapter 5: Capital Flows and Income Distribution.- 5.1: National Policy Remains Key.- 5.2: How Capital Flows Affect Income Inequality.- 5.3: Prioritization for a Multi-Objective Goal.- 5.4: Appendix.- 5.5: References.- Chapter 6: Policy Implications.- 6.1 Tailoring Policies to Vulnerabilities.- 6.2 Macroprudential Tools.- 6.2.1 Bank Capital-Oriented Tools.- 6.2.1.1 Capital Requirements that Adjust Over the Cycle.- 6.2.1.2 Forward-Looking Provisioning.- 6.2.1.3: Leverage caps.- 6.2.1.4: Loan-To-Value and Debt-Service-To-Income Caps.- 6.2.1.5: Loan-to-Deposit caps.- 6.2.1.6: Levy on Noncore Liabilities.- 6.2.1.7: Unremunerated Reserve Requirements.- 6.2.2: Relative Merits of URR versus Levies/Taxes.- 6.2.3: Relationship with other Stabilization Policies.- 6.3: Financial Integration and Institutional Design.- 6.4: Policy Choices.- 6.5: References.-
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