Macroprudential Policies: General Analysis and a Look into the Chilean Experience - Macroprudential Policies: General Analysis and a Look into the Chilean Experience - Central Bank of Chile
The Series of Economic Policy Papers of the Central Bank of Chile presents views and analyses of the Chilean economy and the conduct of monetary policy prepared by Bank authorities. This series, aimed at the general public, disseminates and discusses topics that are relevant to the goals and operations of the Central Bank
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Since the financial crisis of 2008, the term “macroprudential” has been recurrent in academic and policy circles. After standing at the fringes of these discussions and outside mainstream academia for decades, dozens of research papers, policy notes, press reports, and academic conferences have been conducted around this concept in the last several years. The purpose of this paper is to discuss and analyze the concept of “macroprudential” policy, its objectives and tools, as well as the main ongoing debates on this issue. We also take stock of the main “macroprudential” policies applied in Chile in the last couple of decades.