Asset Prices, Macroprudential Regulation, and （资产价格、宏观审慎监管）.pdf

MAY 2013 • Number 116 Asset Prices, Macroprudential Regulation, and Monetary Policy Otaviano Canuto and Matheus Cavallari Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated microprudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of the asset price booms and busts that preceded the global financial crisis. It has now become clear that if monetary policy makers and prudential regulators are to succeed in achieving stability, there can be no complacency regarding asset price cycles. This note explores some of the ways in which monetary policy can address asset price booms and busts through its integration with macroprudential regulation. Until the onset of the global financial crisis, economists were ensure smoother balance-of-payment adjustments. Micropru- close to a consensus on a set of blueprints for monetary and dential regulation of bank capital and banking supervision exchange rate regimes. An increasing number of central would, in turn, prevent excessive risk taking. banks, both in advanced and emerging markets, had adopted However, confidence in the combination of an inflation- a combination of inflation-targeting regimes and exchange targeting-cum-flexible-exchange-rate regime and indepen- rate flexibility. Alternatively, small, integrated economies had dent financial regulation and supervision has been shattered the option of virtually abdicating the exercise of monetary by the scale and synchronization of the asset price booms and policy by fixing their exchange rates. There was