Research Article
4 June 2018

The Global Financial Cycle, Monetary Policies, and Macroprudential Regulations in Small, Open Economies

Publication: Canadian Public Policy
Volume 44, Number 2

Abstract

Abstract

This article analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada's. The article starts by summarizing recent work on global financial cycles. These cycles cause time variation in global risk premia, which affects the transmission mechanisms of both conventional and unconventional monetary policies in small, open economies. The article then summarizes new work showing that the central banks' leaning against the effects of the global financial cycle would typically be too costly. The article concludes with some suggestions for the formation of macroprudential policies.

Résumé

Les auteurs analysent les répercussions du cycle financier mondial sur les politiques monétaires traditionnelles et non traditionnelles et la politique macroprudentielle dans les petites économies ouvertes comme celle du Canada. Ils font d'abord la synthèse de travaux récents sur les cycles financiers mondiaux. Ces cycles entraînent une variation temporelle dans les primes de risque mondiales, ce qui influe sur les mécanismes de transmission des politiques monétaires tant traditionnelles que non traditionnelles dans les petites économies ouvertes. Les auteurs présentent ensuite le sommaire d'une nouvelle étude selon laquelle il serait en général trop onéreux pour les banques centrales de contrer les effets du cycle financier mondial. Ils concluent par quelques suggestions en ce qui a trait à l'élaboration de politiques macroprudentielles.

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Information

Published In

Go to Canadian Public Policy
Canadian Public Policy
Volume 44Number 2June 2018
Pages: 81 - 99

History

Published in print: June 2018
Published online: 4 June 2018

Keywords:

  1. global financial cycle
  2. macroprudential policies
  3. international financial market
  4. financial stability
  5. housing
  6. monetary policy framework

Mots clés :

  1. cadre de la politique monétaire
  2. cycle financier mondial
  3. logement
  4. marchés financiers internationaux
  5. politiques macroprudentielles
  6. stabilité financière

Authors

Affiliations

Gregory Bauer
Simon Business School, University of Rochester, Rochester, New York, United States
Gurnain Pasricha
International Economic Analysis Department, Bank of Canada, Ottawa, Ontario
Rodrigo Sekkel
Financial Markets Department, Bank of Canada, Ottawa, Ontario
Yaz Terajima
Financial Stability Department, Bank of Canada, Ottawa, Ontario

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Canadian Public Policy 2018 44:2, 81-99

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