CGFS draws lessons from 168 years of macro-pru policy
Controlling housing market risks can force authorities into difficult political economy terrain
A new study by the Committee on the Global Financial System (CGFS) draws on a combined 168 years of macro-prudential policy-making to offer guidance on the complexities of tackling housing market risks.
The Basel-based committee’s report, published on December 11, reviews the experience of 14 jurisdictions with a combined experience of 168 years of operating macro-prudential tools. The CGFS is part of the Bank for International Settlements.
Housing markets pose particular challenges for macro
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