Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/173368
Authors: 
Cunningham, Rose M.
Friedrich, Christian
Year of Publication: 
2016
Series/Report no.: 
Bank of Canada Staff Discussion Paper 2016-15
Abstract: 
The 2007-09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures. However, the use of monetary policy instruments for managing financial stability risks is more widely debated because central banks may face a trade-off between attaining their inflation targets in a timely manner and exacerbating financial stability risks. Recent research suggests that central banks that tend to have stronger financial stability mandates and less influence over regulatory and macroprudential tools are more likely to use monetary policy to address financial stability risks.
Subjects: 
Financial stability
Financial system regulation and policies
International topics
JEL: 
E5
G01
G28
Document Type: 
Working Paper
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