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Bienes públicos: Estabilidad financiera // Especiales

Since the financial crisis of 2007-2009, policymakers have debated the need for a new toolkit of cyclical 'macroprudential' policies to constrain the build-up of risks in financial markets, for example, by dampening credit-fueled asset bubbles. These discussions tend to ignore America´s long and varied history with many of the instruments under consideration to smooth the credit cycle, presumably because of their sparse usage in the last three decades.

The paper examines the basic rationale and features of the proposals adopted to separate specific investment and commercial banking activities (Volcker rule, Vickers and Liikanen proposals). In particular, it focuses on the likely implications of such initiatives for:

(i) financial stability and systemic risk;

(ii) banks’ business models; and 

(iii) the international activities of global banks.

This review finds that the international role of the euro was relatively resilient in 2011 when compared with other major international currencies, despite the impact of the euro area sovereign debt crisis on some fi nancial market segments and foreign investors’ reduced appetite for the securities issued by a number of euro area Member States.

As in previous years, the ECB’s stability-oriented monetary policy continued to underpin the international use of the euro as a credible store of value. Overall, relative preferences for major international currencies were broadly stable.

by Jean Pisani-Ferry, Sébastien Jean, Helmut Hauschild, Masahiro Kawai, He Fan, Yung Chul Park on 25th April 2013

Paper based on the Asia Europe Economic Forum conference of 21-22 January 2013.

Ya está disponible el Informe de Estabilidad Financiera Global 2013 del Fondo Monetario Internacional

The April 2013: The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. The April 2013 report analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets and unwind public and private debt overhangs.

Las proyecciones del crecimiento global han disminuido desde el año pasado y el crecimiento podría verse menguado por debajo de su potencial durante muchos años. Un menor crecimiento global, con todos los demás factores iguales, implicaría un menor crecimiento en América Latina y el Caribe.

Género

Especiales: Género