Macroprudential policy is the use of tools (often prudential tools) for the purposes of enhancing financial stability and macroeconomic stabilisation. A prominent example is the recent BCBS proposal for a countercyclical capital ratio. The prospect of macroprudential policy raises issues around purpose, design, governance and interaction with other policy tools.
Organisers:
David Hargreaves
Bernard Hodgetts
Welcome and opening:
Governor Alan Bollard (RBNZ)
Programme
Session 1
Bank failures and the cost of systematic risk: Evidence from 1900-1930
Presented by: Paul Kupiec (FDIC)
Discussant: Andrew Coleman (Otago/MOTU)
- Download the paper (PDF 462KB)
- Download the presentation (PDF 284KB)
Systematic risk contributions
Presented by: Haibin Zhu
- Download the paper (PDF 340KB)
- Download the presentation (PDF 555KB)
Session 2
Macroprudential instruments for New Zealand: A preliminary assessment
Presented by: Bernard Hodgetts and Yuong Ha (RBNZ)
Discussant: Shamubeel Eaqub (NZIER)
- Download the paper (PDF 535KB)
Session 3
Panel discussion: Macroprudential policy and macroeconomic stabilisation
Presented by: Gordon Thiessen (former Governor, Bank of Canada), Ryoo Sang Chul (Bank of Korea), David Mayers (Auckland) and David Tripe (Massey)
Complexity, concentration and contagion
Presented by: Prasanna Gai (Auckland) (joint with Andy Haldane and Sujit Kapadia (Bank of England))
Discussant: David Hargreaves (RBNZ)
Session 4
Financial imbalances and financial fragility
Presented by: Frederic Boissay (ECB)
Discussant: Marion Kohler (RBA)
- Download the paper (PDF 676KB)
Closing comments:
Deputy Governor Grant Spencer (RBNZ)