宏观审慎政策工具与框架.pdfVIP

14 February 2011 Macroprudential policy tools and frameworks Update to G20 Finance Ministers and Central Bank Governors 1. Introduction The financial crisis has intensified the official sector’s interest in strengthening the macroprudential orientation of current policy arrangements. At their meeting in Seoul in November 2010, G20 Leaders concluded that further work on macroprudential frameworks was a priority (see paragraph 41 of the Seoul Summit Document): Further work on macro-prudential policy frameworks: In order to deal with systemic risks in the financial sector in a comprehensive manner and on an ongoing basis, we called on the FSB, IMF and BIS to do further work on macro-prudential policy frameworks, including tools to mitigate the impact of excessive capital flows, and update our Finance Ministers and Central Bank Governors at their next meeting. These frameworks should take into account national and regional arrangements. We look forward to a joint report which should elaborate on the progress achieved in identification of best practices, which will be the basis for establishing in the future international principles or guidelines on the design and implementation of the frameworks. This update summarises the work underway internationally and nationally to develop effective macroprudential policies and frameworks, by drawing also on surveys conducted by the BIS (via the CGFS) and IMF. These efforts include regulatory reforms and the design of policy tools to strengthen the resilience of the financial