Macroprudential Policies in Response to External Financial Shocks

Abstract

We are grateful for the invaluable support and advice of Edward Robinson, as well as the comments of Adolfo Barajas, Heedon Kang, Erlend Nier, as well as seminar participants at the IMF and BIS.The views expressed in this paper are those of the authors and do not represent the position of the MAS or the International Monetary Fund. All remaining errors are ours.