Prevention of Banking Crises in Advanced Economies With Macroprudential and Fiscal MeasuresCase of South Korea

  1. Emilio Gallego Neira 1
  2. Alfredo Arahuetes 1
  1. 1 Universidad Pontificia Comillas
    info

    Universidad Pontificia Comillas

    Madrid, España

    ROR https://ror.org/017mdc710

Revista:
Revista de economía mundial

ISSN: 1576-0162

Ano de publicación: 2019

Número: 53

Páxinas: 113-134

Tipo: Artigo

DOI: 10.33776/REM.V0I53.4021 DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Outras publicacións en: Revista de economía mundial

Resumo

The main objective of this study is the analysis of the macroprudential and fiscal measures taken by a sample of ten advanced economies, before and after the recent international financial crisis, aiming the prevention of banking crises, as well as the economic effects on those countries with respect to the mitigation of real estate and credit bubbles. Given its particular significance, it has been analysed the case of South Korea’s experience, which shows that the extensive use of borrower-related macroprudential measures in particular has contributed to prevent the occurrence of a banking crisis episode since 1999, as it has also been confirmed with an econometric analysis

Referencias bibliográficas

  • Ali Nasir, M., Wu, J., Yago, M. and Soliman, A. M. (2016): Macroeconomic Policy Interaction: State Dependency and Implications for Financial Stability in UK: A Systemic Review, Cogent Business & Management, 3(1), 1154283.
  • Altunbas, Y., Binici, M. and Gambacorta, L. (2016): Macroprudential Policy and Bank Risk, http://lare-efi.u-bordeaux4.fr/IMG/pdf/9_gambacorta_altunbas_ binici.pdf.
  • BIS. (2017): About BIS Statistics, Retrieved January 30, 2018, from https:// www.bis.org/statistics/index.htm.
  • Bruno, V., Shim, I. and Shin, H. (2016): Comparative Assessment of Macroprudential Policies. Journal of Financial Stability, Retrieved from http://www.sciencedirect.com/science/article/pii/S1572308916300134.
  • Cerutti, E., Claessens, S. and Laeven, L. (2015): The Use and Effectiveness of Macroprudential Policies: New Evidence, Journal of Financial Stability.
  • Cerutti, E., Dagher, J. and Dell’Ariccia, G. (2017): Housing Finance and Realestate Booms: A Cross-country Perspective, Journal of Housing Economics, 38, https://doi.org/10.1016/j.jhe.2017.02.001.
  • Chang, S.-T. (2010): Mortgage Lending in Korea An Example of a Countercyclical Macroprudential Approach. Retrieved from https:// openknowledge.worldbank.org/bitstream/handle/10986/3989/WPS5505. pdf?sequence=1andisAllowed=y.
  • Cihák, M., Demirgüc-Kunt, A., Feyen, E. and Levine, R. (2013): Financial Development in 205 Economies.
  • Claessens, S., Ghosh, S.R. and Mihet, R. (2013): Macro-prudential Policies to Mitigate Financial System Vulnerabilities, Journal of International Money and Finance, 39, 153–185.
  • Constâncio, V. (2015): Financial Stability Risks, Monetary Policy and the Need for Macro-prudential Policy, Speech by Vitor Constancio, Vice-President of the ECB.Warwick Economic Summit, 13.
  • Crowe, C., Dell’Ariccia, G., Igan, D. and Rabanal, P. (2011): How to Deal with Real Estate Booms: Lessons from Country Experiences.
  • Financial Policy Committee. (2015): The Financial Policy Committee’s Powers over Housing Tools, Financial Policy Committee, Bank of England (policy statement).
  • Funke, M. and Paetz, M. (2012): A DSGE-based Assessment of Nonlinear Loanto-Value Policies: Evidence from Hong Kong, Retrieved from https://papers. ssrn.com/sol3/papers.cfm?abstract_id=2049783.
  • Galati, G. and Moessner, R. (2013): Macroprudential Policy–a Literature Review, Journal of Economic Surveys, 27(5), 846–878.
  • Gallego Neira, E., & Martínez de Ibarreta, C. (2019). Comparison of advanced economies’ performance in bubbles mitigation. Journal of Financial Regulation and Compliance.
  • Gerlach, S. and Peng, W. (2005): Bank Lending and Property Prices in Hong Kong. Journal of Banking and Finance. Retrieved from http://www. sciencedirect.com/science/article/pii/S0378426604000445.
  • Haldane, A. (2013): Macroprudential Policies–when and how to Use them. International Monetary Fund Conference on Rethinking Macro Policy II: First Steps and Early Lessons, Washington DC, April.(1) The Null Hypothesis Is No Granger Causality. Lending for House Purchase Is Measured as Domestic Credit to Households for House Pu. Citeseer.
  • Hanson, S.G., Kashyap, A.K. and Stein, J.C. (2011): A Macroprudential Approach to Financial Regulation, Journal of Economic Perspectives, 25(1), 3–28. https://doi.org/10.1257/jep.25.1.3.
  • Hartmann, P. (2015): Real Estate Markets and Macroprudential Policy in Europe. Journal of Money, Credit and Banking, 47(S1), 69–80.
  • Igan, D. and Kang, H. (2011): Do Loan-to-Value and Debt-to-Income Limits Work? Evidence from Korea; by Deniz Igan and Heedon Kang; IMF Working Paper 11/297; December 1, 2011, Retrieved from https://www.imf.org/ external/pubs/ft/wp/2011/wp11297.pdf.
  • Kuttner, K.N. and Shim, I. (2013): Can Non-Interest Rate Policies Stabilize Housing Markets?
  • Laseen, S., Pescatori, A. and Turunen, M.J. (2015): Systemic Risk: A New Tradeoff for Monetary Policy?, International Monetary Fund.
  • Lim, C. H. (2011): Macroprudential Policy: what Instruments and how to Use them? Lessons from country experiences, Retrieved from http://www.imf. org/external/pubs/ft/wp/2011/wp11238.pdf.
  • Lombardi, D. (2016): Benchmarking Macroprudential Policies: An Initial Assessment. Journal of Financial Stability, 27(December 2016), 35– 49, Retrieved from http://www.sciencedirect.com/science/article/pii/ S1572308916300924.
  • Mencía, J. and Saurina, J. (2016): Macroprudential Policy: Objectives, Instruments and Indicators. Occasional Papers. Retrieved from https:// ideas.repec.org/p/bde/opaper/1601.html.
  • Roldán Alegre, J. M. and Saurina Salas, J. (2013): Regulación macroprudencial. Información Comercial Española, ICE: Revista de Economía, (874), 91–100.
  • Saurina Salas, J. (2016): A Practical Approach to Develop Macroprudential Tools. Universidad de Navarra.
  • Shim, I., Bogdanova, B., Shek, J. and Subelyte, A. (2013): Database for Policy Actions on Housing Markets, BIS Quarterly Review, September.
  • Shin, H. (2011): Macroprudential Policies beyond Basel III, BIS Papers, Retrieved from https://papers.ssrn.com/sol3/Delivery. cfm?abstractid=2002653#page=19.
  • Valencia, F. and Laeven, L. (2012): Systemic Banking Crises Database: An Update, Retrieved from https://www.imf.org/external/pubs/ft/wp/2008/ wp08224.pdf.
  • WB. (2017): GDP per capita (current US$) | Data, Retrieved January 30, 2018, from https://data.worldbank.org/indicator/NY.GDP.PCAP.CD.
  • Zoli, E. (2017): Korea’s Challenges Ahead-Lessons from Japan’s Experience. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=2924365.
Fonte de datos: Dialnet