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Comments on “Procyclical Financial Behavior: What Can Be Done?”

Comments on “Procyclical Financial Behavior: What Can Be Done?” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

I organize my comments around four issues relating to the build-up, monitoring and counteraction of financial imbalances: first, the potential role of monetary policy; second, the u...

Comments on “Procyclical Financial Behavior: What Can Be Done?”

Comments on “Procyclical Financial Behavior: What Can Be Done?” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

The issue of financial system procyclicality is tricky. In a way, central bankers like myself have mixed feelings on the procyclical nature of financial forces. We love it, because...

Comments on “Procyclical Financial Behavior: What Can Be Done?”

Comments on “Procyclical Financial Behavior: What Can Be Done?” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

Procyclicality occurs because of herd behavior of market participants. But that behavior could occur because of obsolete or badly drafted regulations that encourage such behavior. H...

Comments on “Procyclicality and Volatility in the Financial System”

Comments on “Procyclicality and Volatility in the Financial System” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

In these comments on the chapter by Ashley Taylor and Charles Goodhart, I will try to step back and take a broader view of procyclicality from the perspective of a common- or garden...

Comments on “Procyclicality and Volatility in the Financial System”

Comments on “Procyclicality and Volatility in the Financial System” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

In a perfect world banks could easily identify emerging soft spots and use stress testing to calibrate more precisely the impact on the present value of their loan portfolios and re...

Comments on “Procyclicality and Volatility in the Financial System”

Comments on “Procyclicality and Volatility in the Financial System” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

Introduction As Ashley Taylor and Charles Goodhart’s most insightful chapter demonstrates, there are concerns both in academia and in the banking sector regarding the potential costs...

Comments on “Sources of Procyclicality in East Asian Financial Systems”

Comments on “Sources of Procyclicality in East Asian Financial Systems” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

As we have seen, structural weakness of the financial system is the major reason contributing to exacerbated procyclicality in Asia. This finding concisely builds a bridge between m...

Comments on “Sources of Procyclicality in East Asian Financial Systems”

Comments on “Sources of Procyclicality in East Asian Financial Systems” »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

The topic of managing procyclicality of the financial system is an important and challenging issue for central bankers and academics alike. Recurring episodes of financial sector cr...

1 Introduction

1 Introduction »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

The procyclicality of financial systems has received an increasing amount of attention from policy-makers, academics and international organizations in recent years. This heightened...

4 Procyclical Financial Behavior: What Can Be Done?

4 Procyclical Financial Behavior: What Can Be Done? »

Source: Procyclicality of Financial Systems in Asia

Series: Seminar Volumes

Author(s): Stefan Gerlach , and Paul Gruenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 July 2006

ISBN: 9781403987518

Keywords: Financial systems, Asia, banking, financial system, financial stability, financial sector

1 Introduction The role of the financial sector in the business cycle has long been a subject of study, but has moved somewhat more to the fore in recent years. In part, the renewed...