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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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jarcfmk gjjfifgpcs+ Phc miabgif|gpfak aj phc bgkdfkm svspce fs kap g kc} ~hckaeckak fk Gsfggk` hgs fkorcgsc` azcr phc ~gsp `cog`c+ _frcmgr gk` Ohav (2>7>& jak` phgp fkpcrkgpfakgibgkd ick`fkm jrae ~rfzgpc bgkds fk sczck Armgkfsgpfak jar Coakaefo Oaa~crgpfak gk`@czcia~eckp (ACO@& oakprfcs pa kfkc Cgsp Gsfgk coakaefcs jiopgpc` fk pgk`ce }fph phccoakaefo ~crjaregkoc aj phc rcof~fckp oakprfcs+ Gooae~gkvfkm phc oaiig~sc aj mra}ph fkeglar Cgsp Gsfgk coakaefcs }gs g shgr~ `coifkc fk iagks jrae oaeecrofgi bgkds bgsc` fkphcsc sczck ACO@ oakprfcs+ Phc hgr`csp hfp coakaefcs) kgeciv Fk`akcsfg) Darcg)Egigvsfg) phc ^hfif~~fkcs) Phgfigk`) }hfoh hg` cx~crfckoc` kcp ~rfzgpc fkjia}s gzcrgmfkmgrak` S_$7:> bfiifak ~cr gkke fk 7663 gk` 766:) sg} jarcfmk ifgbfifpfcs `ra~ bv grak`03# fk 7668) gs fkpcrkgpfakgi bgkds }crc k}fiifkm pa raii azcr cxfspfkm iagks+ _frcmgr gk`Ohav (2>7>& cxgefkc` ~igsfbic ~sh gk` ~ii jgopars aj phc ACO@ bgkds‖ oigfes ak phcCgsp Gsfgk coakaefcs+ Geakm phc dcv jgopars) phcv jak` phgp prg`c bcp}cck phc Gsfgk
oakprfcs gk` phc ACO@ coakaefcs fk wcspfak oakprfbpc` mrcgpiv pa phc jia}s aj orass%bar`cr bgkd ick`fkm) gmgfk k`crsoarfkm phc fe~arpgkoc aj egora%jfkgkofgi ifkds+
Bv phc ck` aj 2>>8) grmgbiv phc ~cgd aj phc miabgi jfkgkofgi orfsfs) sczcrgi Gsfgk coakaefcsprkc` jrae kcp `cbpars pa kcp orc`fpars+ Phc mg~ bcp}cck fkpcrkgpfakgi fkpcrbgkd ifgbfifpfcsgk` gsscps hgs }f`ckc` sfkoc _c~pcebcr 2>>=+ Gsprgifg) Fk`akcsfg) Darcg) Egigvsfg) gk`Zfcp Kge sg} g igrmc bfi`~ aj kcp fkpcrkgpfakgi fkpcrbgkd `cbp) smmcspfkm og~fpgi fkjia}sfk phfs ogpcmarv) }hfic Hakm Dakm) Ohfkg4 Lg~gk4 _fkmg~arc4 gk` Pgf~cf)Ohfkg sg} igrmcapjia}s+ Phc oaebfkgpfak aj eglar raics aj jarcfmk bgkds fk phc iaogi coakaefcs gk` iaogibgkds fk phc miabgi jfkgkofgi egrdcps hgs oae~ifogpc` cjjarps pa cspfegpc phc jcc`bgodcjjcops prgksefppc` bv egora%jfkgkofgi ohgkkcis+
?+ JARMFKM GHCG@ ]FPH EGORA%^RS@CKPFGIRCMSIGPFAK_ FK G_FG
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@cs~fpc soh a~~asfkm zfc}s) egora% gk` efora%~r`ckpfgi fkspreckps grc fkpcrp}fkc`+ Phcdcv ~grp aj egora%~r`ckpfgi fkspreckps fs pa ce~iav cxfspfkm efora%~r`ckpfgi paais packsrc g sak` jfkgkofgi svspce+ Egora%~r`ckpfgi ecgsrcs ogk bc ogpcmarf|c` fkpa phrcc~rfegrv mra~s+ Phc jfrsp grc ~rfoc gk` wgkpfpv%bgsc` ecgsrcs `csfmkc` pa ifefp orc`fpcx~gksfak+ Rcscrzc rcwfrceckps gk` orc`fp ocfifkms grc pv~fogi ecgsrcs+ Phc scoak`mra~ aj rcmigpfaks fs gfec` gp egfkpgfkfkm phc wgifpv aj iagks+ Pv~fogi ecgsrcs grc iagk%pa%zgic rgpfas) `cbp%pa%fkoaec rics) ifefps ak orrckov efsegpohcs) gk` fe~razc` orc`fp
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fkjaregpfak+ Phc phfr` mra~ aj ecgsrcs jaoscs ak sprckmphckfkm phc rcsfifckoc aj phcbgkdfkm svspce pa bgigkoc shccp shaods (gsscps gk` ifgbfifpfcs&+ Og~fpgi g`cwgovrcwfrceckps gk` rics ak phc oae~asfpfak gk` pv~cs aj jarcfmk barra}fkm grc saec aj phcecgsrcs fk phfs ogpcmarv+
Phc Oaeefppcc ak phc Miabgi Jfkgkofgi _vspce (OMJ_ 2>7>& jrphcr oigssfjfcs egora%
~r`ckpfgi fkspreckps bv pv~cs aj zikcrgbfifpv fk phc jfkgkofgi svspce+ Pa egkgmc phciczcrgmc ~asfpfak aj phc bgkdfkm svspce) og~fpgi rgpfa) rfsd }cfmhps) ~razfsfakfkm) orc`fpmra}ph) iagk pa zgic og~s) gk` egprfpv og~s grc saec aj phc egora%~r`ckpfgi fkspreckpspa bc sc`+ Ak ifwf`fpv rfsd ar egrdcp rfsd) gpharfpfcs ogk oaksf`cr akc ar g oaebfkgpfak ajphc jaiia}fkm egora%~r`ckpfgi fkspreckps< ifwf`fpv ar rcscrzc rcwfrceckps) jarcfmkcxohgkmc ick`fkm rcsprfopfaks) gk` orrckov efsegpoh ifefps+ Igsp) bp kap icgsp) fs phczikcrgbfifpv grfsfkm jrae fkpcroakkcopc`kcss+ Pa efpfmgpc soh cx~asrc) oakockprgpfakifefps) svspcefo og~fpgi srohgrmcs) gk` sprfop ~aifofcs rcmigpfkm bgkd sbsf`fgrfcs grcfkspreckps pa bc oaksf`crc`+
Phc ckjaroceckp aj egora%~r`ckpfgi ecgsrcs pa egkgmc orc`fp ovoics fs kap g kc}~hckaeckak fk Gsfg (Pgbic ?&+ _fkoc phc 766= orfsfs) gpharfpfcs fk Gsfg hgzc oaiicopfzcivckjaroc` egora% gk` efora%~r`ckpfgi rcmigpfaks pa s~~iceckp phcfr eakcpgrv ~aifov
ecgsrcs+ Akc pgrmcp grcg hgs ajpck bcck pa egkgmc iagk gk` orc`fp cxpcksfaks pa phc~ra~crpv egrdcp+ Mfzck phc pv~fogiiv hfmh ~rajfp egrmfks jrae ~ra~crpv orc`fp gk` iagks) ~aifovrgpc g`lspeckps hgzc iakm bcck jak` pa bc fksjjfofckp pa pgodic sprakm orc`fp cx~gksfaks+Phc ablcopfzc aj phcsc ~r`ckpfgi ecgsrcs hgs gisa bcck pa ~rczckp svspcefo rfsds jarazcrgii jfkgkofgi spgbfifpv) gs scck fk phc 766= orfsfs+
Pgbic ?< _cicopc` ^r`ckpfgi Ecgsrcs jar Orc`fp Baaes fk Gsfg
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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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Fk`akcsfg (7& G shfjp fk orc`fp oaiicopgbfifpv pa ia}cr iczci bv 2># cgoh4 (2& g rfsc fk phcfkpcrcsp rgpc bv 7>> b~s4 (?& r~fgh `c~rcofgpfak bv 2># jrae phc jarcfmkcxohgkmc egprfpv ~rajfic aj icss phgk phrcc eakphs4 (0& ~rfoc aj mazcrkeckpbak` `ra~ bv 2>#4 gk` (3& `ra~s fk rcgi `aecspfo M@^ mra}ph rgpc+
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_fkmg~arc Zgrfas egoracoakaefo shaods4 shaods pa miabgi coakaev4 `fzf`ck` ~gvapsgk` cgrkfkm ~ralcopfaks azcr sprcss harf|ak+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
7=
Pgbic =< Pfec%Pgbic
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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coakaefo orfsfs+ Phc rcigpfzciv sfe~ic scp aj ea`cis bcfkm g~~ifc` bv phc eakcpgrvgpharfpfcs) gk` ockprgi bgkds gk` phc oaeecrofgi bgkds fk eglar coakaefcs fk Gsfghgzc kap fkoar~argpc` phc jcc`bgod cjjcops+ @fjjcrckp rfsds grc jrcwckpiv bcfkm prcgpc`gk` czgigpc` sc~grgpciv+ Gs `fsossc` cgrifcr) phc gbsckoc aj jcc`bgod cjjcopssmmcsp phgp phc _P rcsips aj phcsc coakaefcs `f` kap pgdc fkpa gooakp scoak`%rak`cjjcops gk` orfpfogi svspcefo cjjcops+ @gpg gk` ea`ci ifefpgpfaks grc phc jk`geckpgi}cgdkcsscs fk fkjrgsproprc gk` hgzc bcck jak` pa ifefp phc gbfifpv aj bgkds paf`ckpfjv gk` gmmrcmgpc cx~asrcs gorass phc }f`cr jfkgkofgi svspce (BOB_) 2>>6&+ =
G jrphcr orfpfogi sharpoaefkm }fph phc fe~iceckpgpfak aj _P bv oaeecrofgi bgkds fkcecrmfkm egrdcps fk Gsfg fs phc igod aj g~~rcofgpfak gk` oaeefpeckp aj phc sckfaregkgmceckp aj phcsc bgkds+ Bp phfs }cgdkcss fs ~rcsckp miabgiiv) f+c+) kap kfwc paoaeecrofgi bgkds fk Gsfg+ BOB_ (2>>6< 8& oigfes phgp< ’^rfar pa phc orfsfs) sprcsspcspfkm gp saec bgkds }gs ~crjarec` egfkiv gs gk fsaigpc` cxcrofsc bv phc rfsdjkopfak }fph ifppic fkpcrgopfak }fph bsfkcss grcgs+ Phfs ecgkp) geakmsp aphcr phfkms)bsfkcss grcgs ajpck bcifczc` phgp phc gkgivsfs }gs kap orc`fbic+― Ajpck oaeecrofgibgkds ogrrv ap fkpcrkgi _P egfkiv pa oae~iv }fph phc rcwcsps aj phc s~crzfsarvgpharfpv+ Fk Liv 2>>8 phc Fkspfppc aj Fkpcrkgpfakgi Jfkgkoc ~bifshc` fps Jfkgi Rc~arpaj phc FFJ Oaeefppcc ak Egrdcp Bcsp ^rgopfocs< ^rfkof~ics aj Oak`op gk` Bcsp^rgopfoc Rcoaeeck`gpfaks+ Phc rc~arp k`crsoarc` phgp jar _P pa hgzc g ecgkfkmjife~gop ak bsfkcss `cofsfaks) phc bagr` gk` sckfar egkgmceckp shai` hgzc gkgopfzc raic fk czgigpfkm _P rcsips gk` fe~gops ak g bgkd‖s rfsd ~rajfic+
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_P rcsips egv bc `fsoiasc` pa phc ~bifo fk phrcc }gvs(Pgriia 2>7>& kgeciv< (f& bv jii `fsoiasrc aj phc rcicgsc aj `cpgfic` jaregpfak gbapphc ecpha`aiamv gk` bgkds‖ s~cofjfo apoaec4 (ff& phramh phc rcicgsc aj `cpgfic`fkjaregpfak bp }fphap s~cofjfo rcsips aj fk`fzf`gi bgkds (phfs fs g earc svspcefog~~ragoh&4 gk` (fff& phramh phc rcicgsc aj gmmrcmgpc rcsips }fph jar}gr` iaadfkmgsscsseckps aj phc jfkgkofgi svspce+
=Fp fs rcoamkf|c`) ha}czcr) phgp phc oae~icxfpv gk` phc sa~hfspfogpfak aj phc ea`cis `acs kap mgrgkpcc
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
76
Pa }hgp cxpckp }ai` phc ockprgi bgkds ~bifoiv `fsoiasc phc ~raocss gk` phc apoaecaj _P1 ]ai` phc Gsfgk ockprgi bgkds gk` bgkd rcmigpars ma gs jgr gs ~bifshfkm phcpcsp rcsips jar cgoh bgkd (gs }fph phc _~crzfsarv Og~fpgi Gsscsseckp ^ramrge)_OG^) fk phc Skfpc` _pgpcs (S_& fk phc jfrsp wgrpcr aj 2>>6&) ar }ai` phcv lsp rcicgscphc gmmrcmgpc rcsips aj phc pcsp }fphap rczcgifkm ha} cgoh bgkd jgrc` (gs }fph phcCra~cgk Skfak TCSU bgkd _P rcsips fk 2>>6&1 @cjfkfpciv) ckoargmfkm jfkgkofgifkspfppfaks pa `fsoiasc gk` ~bifsh _P rcsips ogk fe~razc jfkgkofgi egrdcpk`crspgk`fkm (Hgi`cko 2>>6&+ Bp fp fs gisa fe~arpgkp pa rcgif|c phgp azcr `fsoiasrcegv bc `gegmfkm) cs~cofgiiv jar coakaefcs phgp grc rcifgkp ak phc raic aj bgkds gsjfkgkofgi fkpcrec`fgrfcs (c+m+) fk Cra~c gk` Gsfg zcrss phc S_& (Kgmv 2>>6&+Bcogsc aj fps oae~icxfpv) fk`sprv ~rgopfpfakcrs ogpfak gmgfksp phc rfsd ajefsfkpcr~rcpgpfak aj _P rcsips bv phc ~bifo+ Fj phc s~~arp ecohgkfses grc kap eg`ccx~ifofp bcjarchgk`) oak`opfkm pcsps ~bifoiv }ai` kap bc rcoaeeck`c` gs fp oai`icg` pa mrcgpcr kocrpgfkpv gk` oai` czck ~apckpfgiiv `cspgbfif|c egrdcps (Dfrohjci`gk` Oigrd 2>7>&+ Kgmv (2>>6&) ha}czcr) ~afkps ap phgp ~gsp cx~crfckocs sha} phgpegrdcp rcgopfaks pa pcsp rcsips hgzc bcck ~asfpfzc+ _fefigriv) Pgriia (2>7>& grmc`phgp phc earc jrcwckp phc rcicgsc aj pcsp rcsips) phc bcppcr jar phc egrdcp gs rcmigr
`cpgfic` `fsoiasrc fs icss ifdciv pa rcsip fk k~icgsgkp sr~rfscs+Pgbic 8 sha}s phc jcgprcs aj ~grpfof~gpfak) jrcwckov) gk` phc `fsscefkgpfak ~raocssaj _P geakm scicop _CGOCK coakaefcs+ Gs cx~copc`) g rgkmc aj _P ~rgopfocs grcbcfkm fe~iceckpc` fk phcsc oakprfcs+ Pa cksrc oae~rchcksfzckcss aj phc pcspfkm) gpicgsp :>#) gk` fk saec ogscs gs eoh gs 7>>#) aj phc oaeecrofgi bgkds grcrcwfrc` pa ~grpfof~gpc+ Pgf~cf)Ohfkg gk` Phgfigk` ogrrv ap pcsps gkkgiiv) }hfic aphcrs~rsc g earc jrcwckp cxgefkgpfak (wgrpcriv gk` eakphiv&+ Bgsc` ak phc srzcv bvPhc _CGOCK Ockprc) g eglarfpv aj phc _CGOCK ockprgi bgkds hgzc ka ~igks pa~bifogiiv `fsscefkgpc phc pcsp rcsips+ Bgkd Fk`akcsfg) Bgkd Kcmgrg Egigvsfg) gk`phc Ockprgi Bgkd aj phc ^hfif~~fkcs ~grpfgiiv `fsoiasc phc gmmrcmgpc rcsips zfg phcfrJfkgkofgi _pgbfifpv Rczfc} rc~arps+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
2>
Pgbic 8< ^grpfof~gpfak) Jrcwckov gk` @fsscefkgpfak aj _prcss Pcspfkm Rcsips
fk _cicopc` Gsfgk Coakaefcs
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Gp icgsp gkkgiiv Ka
_rf Igkdg Gii oaeecrofgi bgkds Wgrpcriv Ka
Pgf~cf)Ohfkg 62# aj `aecspfo bgkd)oazcrfkm 68# aj`aecspfo bgkd gsscp+
Gkkgiiv Ka
Phgfigk`7>># aj iaogi bgkds)oazcrfkm aj 8># aj phc
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Mfzck phc fkpcroakkcopfzfpv aj phc jfkgkofgi fk`sprv }fph oar~argpc gk` haschai`scopars) shai` phc ockprgi bgkd gk` eakcpgrv gpharfpv oaksf`cr oak`opfkm sprcsspcspfkm ak phasc p}a scopars gs }cii1 Fk ~grpfoigr) rcoamkf|fkm phc prck` aj haschai`gk` oar~argpc `cbp gk` fkorcgsfkm cx~asrc pa phc bgkdfkm scopar) Bgkd aj Phgfigk`)jar fkspgkoc) hgs spgrpc` pa _P phc haschai` gk` oar~argpc scopar pa baasp fpsog~gofpv pa gohfczc gk` egkgmc jfkgkofgi spgbfifpv fk phc oakprv+
G oae~rchcksfzc gkgivsfs aj _P rcsips egv gisa rcwfrc svspces phfkdfkm bcvak`kgpfakgi bar`crs bv pgdfkm fkpa gooakp fkpcrkgpfakgi ifkds gk` `vkgefos+ Gs phc rcockp
ogsc aj sproprc` orc`fp gk` orc`fp `crfzgpfzcs egrdcps sha}s) phc sogic aj orass%bar`cr bgkdfkm fs mra}fkm gk` hgs phc ~apckpfgi pa prgksefp shaods jrae akc oakprv pagkaphcr ak g igrmc sogic+ _P ea`cifkm hgs kap rcgohc` phgp iczci aj sa~hfspfogpfak papgdc fkpa gooakp orass%bar`cr `vkgefos+ Bp s~crzfsars ogk shgrc zfpgi orass%bar`crfkjaregpfak rcmgr`fkm phcfr `aecspfo jfkgkofgi sfpgpfak+ Orass%bar`cr bgkdfkm }fii bc`fsossc` kcxp+
3+ _S^CRZF_FAK< BCVAK@ PHC BAR@CR_
Gs hfmhifmhpc` gbazc) hgzfkm oae~rchcksfzc fkjaregpfak ak phc cx~asrcs aj bgkds‖bgigkoc shccp pa shaods grfsfkm jrae egoracoakaefo oak`fpfaks (fkpcrkgi gk` cxpcrkgi&
gk` gopfzfpfcs aj aphcr jfkgkofgi gk` kak%jfkgkofgi fkspfppfaks fs zfpgi jar phc soocss ajsprcss pcspfkm aj cgoh bgkd fk ~grpfoigr gk` gp phc iczci aj phc bgkdfkm svspce fk
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
27
mckcrgi+ Cjjarps hgzc jaosc` ak pgodifkm phc rmckp kcc` pa sprckmphck phc g~~grgpsrcigpc` pa s~crzfsfak aj phc bgkd gk` kak%bgkd jfkgkofgi fkspfppfaks+
Jar phc Gsfgk coakaefcs gjjcopc` bv phc 766= jfkgkofgi orfsfs) phc sprmmic pa gmeckps~crzfsarv og~gofpfcs ak phc jfkgkofgi fkspfppfaks spgrpc` feec`fgpciv gjpcr phc orfsfs+Jaiia}fkm phc orfsfs) phc `cbgpc prkc` pa phc kcc` pa hgzc g earc fkpcmrgpc` jfkgkofgi
s~crzfsarv svspce `aecspfogiiv pa dcc~ ~ }fph phc g`zgkoceckp aj phc bgkdfkmfk`sprv (_frcmgr gk` Lgecs 2>>:&+ Bgkds ka iakmcr ~razf`c oakzckpfakgi scrzfocs)soh gs sgzfkms gk` iagk+ Phcfr ~razfsfaks hgzc fkoi`c` fkzcspeckp gk` fksrgkocscrzfocs+ Jrphcrearc) phc ohgiickmcs jgofkm phc ockprgi bgkd gs bgkd s~crzfsarfkoi`c ~assfbic fkoaksfspckofcs bcp}cck eakcpgrv ~aifov ablcopfzcs) phc ablcopfzcs aj~r`ckpfgi s~crzfsfak) gk` phc ablcopfzc aj ~raeapfkm g ~grpfoigr scopar aj phcjfkgkofgi scrzfoc fk`sprv+ ^gsp jfkgkofgi orfscs grak` phc miabc) fkoi`fkm phasccx~crfckoc` bv `czcia~c` coakaefcs) pgmhp s phgp phc ablcopfzc aj ~raeapfkm g~grpfoigr scopar aj phc jfkgkofgi scrzfoc fk`sprv fs ajpck `aefkgkp+ Fk phc 768>s) phcS_ phrfjp fk`sprv sjjcrc` egssfzc iasscs ~grpiv bcogsc phc fk`sprv‖s ~r`ckpfgis~crzfsar) phc Jc`crgi Haec Iagk Bagr`) }gs gisa fk ohgrmc aj ~raeapfkm phchasfkm fk`sprv+ Phc 766= Gsfgk orfsfs hfmhifmhpc` ha} cjjarps pa rcsoc prabic`
bgkds gk` oar~argpfaks rcsipc` fk sagrfkm fkjigpfak gk` ’ecip`a}ks― aj orrckofcs)~grpfoigriv fk Fk`akcsfg+ Fk egkv cecrmfkm egrdcps aj Gsfg) phc ockprgi bgkdoakpfkcs pa ~igv g orfpfogi raic gs gmckp jar `czcia~eckp gk` phcrc hgs gi}gvs bccksprakm ~aifpfogi ~rcssrc pa s~~arp segii% gk` ec`fe%sf|c` ckpcr~rfscs+ Ggsscsseckp aj phfs ~aifov shai` bc ogrrfc` ap pa ~rczckp jprc iasscs+
Phc rcockp S_ cx~crfckoc k`crifkcs phc kcc` pa rcfkjaroc oaar`fkgpfak geakm phc`aecspfo jfkgkofgi s~crzfsarv gmckofcs (]gii 2>>6&+ Phc S_ _corfpfcs gk` CxohgkmcOaeefssfak (_CO& fs rcs~aksfbic jar scppfkm ~ gooakpfkm ~aifofcs pa gssfsp fkzcsparsfk egdfkm fkjarec` `cofsfaks+ Phc _CO bcifczcs phgp rc~arpc` kcp fkoaec fk cgoh~crfa` shai` jgfriv rcjicop phc rcsips aj phc jfre‖s a~crgpfak jar phgp ~crfa`+ PhcJc`crgi Rcscrzc Bgkd rcmigparv gmckofcs) ak phc aphcr hgk`) }hfoh grc rcs~aksfbic
jar phc ~r`ckpfgi s~crzfsfak aj oaeecrofgi bgkdfkm rcmigpfaks) bcifczc phgp bgkdsshai` bfi` ~ iagk iass rcscrzcs `rfkm maa` ~crfa`s pa oazcr iasscs phgp grc ifdcivpa bc fkorrc` `rfkm }cgdcr coakaefo oak`fpfaks+ Phc p}a oakjifopfkm g~~ragohcsoai` cgsfiv icg` pa fkoaksfspckp ~aifofcs aj rc~arpfkm+ 6
Oaar`fkgpfak geakm jfkgkofgi s~crzfsars hgs grmgbiv fe~razc` fk Gsfg `rfkm phc~gsp `cog`c+ Bgkd aj Darcg oak`ops rcmigr cxgefkgpfaks aj jfkgkofgi fkspfppfaks }fphphc Jfkgkofgi _~crzfsarv _crzfoc (J__&) gk fk`c~ck`ckp fkpcmrgpc` jfkgkofgis~crzfsarv fkspfppfak cspgbifshc` fk 7668+ Phc Ockprgi Bgkd Gop aj Bgkd Fk`akcsfg)fkpra`oc` fk 7666) spf~igpc` phc oaeefpeckp aj Bgkd Fk`akcsfg) lafkpiv }fph phcEfkfsprv aj Jfkgkoc) pa cspgbifsh gk fk`c~ck`ckp gk` fkpcmrgpc` jfkgkofgi s~crzfsarvfkspfppfak bv phc ck` aj 2>7>+ Fk Egigvsfg) phc kc} Ockprgi Bgkd Gop (OBG& aj 2>>6)
ogec fkpa jaroc fk Kazcebcr 2>>6) ~razf`fkm g mrcgpcr oaksaif`gpc` s~crzfsarvegk`gpc jar phc ockprgi bgkd) Bgkd Kcmgrg Egigvsfg+ ^razfsfaks k`cr phc kc} OBG2>>6 fkoi`c phc ~a}cr pa rcwfrc rciczgkp fkjaregpfak jar phc ~r~asc aj jfkgkofgispgbfifpv jrae bgkds gk` kak%bgkd jfkgkofgi fkspfppfaks) gk` pa fssc gk ar`cr pa gkvfk`fzf`gi fk phc fkpcrcsp aj j fkgkofgi spgbfifpv+
Jrphcrearc) fk oakprfcs soh gs phc ^hfif~~fkcs gk` Fk`akcsfg) phc cspgbifsheckp ajg jfkgkofgi scopar jare (J_J& hgs ~igvc` g eglar raic fk ~raeapfkm mrcgpcroaar`fkgpfak aj phc s~crzfsarv gmckofcs aj jfkgkofgi fkspfppfaks+ Phc J_J gfes pajgofifpgpc rcmigr oaksipgpfaks gk` cxohgkmc aj fkjaregpfak geakm fps ecebcrsrcigpfkm pa phc s~crzfsfak gk` rcmigpfak aj jfkgkofgi fkspfppfaks+ Fps ecebcrs grc phc
6 G kebcr S_ bgkds) fkoi`fkm _k Prsp‐g igrmc rcmfakgi bgkd fk phc S_‐}crc ogmhp bcp}cck phcp}a rcmigpars (]gii) 2>>6&+ Phc S_ Oakmrcss spc~~c` fk gk` ec`fgpc` phc ~aifov oakjifops bcp}cck phcp}a dcv rcmigparv gmckofcs+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
22
ockprgi bgkd) phc scorfpfcs gk` cxohgkmc oaeefssfak) gk` phc `c~asfp fksrgkocgmckov+ Fk Fk`akcsfg) phc efkfsprv aj jfkgkoc fs gisa g ecebcr aj phfs J_J+
Phc miabgi jfkgkofgi ecip`a}k ~shc` phc ckzcia~c ak bgkdfkm s~crzfsfak gk`rcmigpfak+ Phc ~rcsckoc aj eipfkgpfakgi bgkds) fkoi`fkm phc kc}iv cecrmfkm rcmfakgieipfkgpfakgi bgkds) jaroc` phc ockprgi bgkds pa ma bcvak` phcfr bar`crs gk` pa mcp
fkzaizc` fk orass%bar`cr s~crzfsfak grrgkmceckps+ Gs `fsossc`) phc miabgif|c`bgkds ~igv g orofgi raic fk phc fkpcrkgpfakgi prgksefssfak aj eakcpgrv ~aifofcs gk`coakaefo shaods grak` phc }ari`+ Kgprgiiv) orass%bar`cr oaa~crgpfak gk`oaar`fkgpfak }fii bcoaec fkorcgsfkmiv zfpgi gs bgkdfkm svspces bcoaec czck earcmiabgiiv fkpcmrgpc`+7>
Phc oaiicmc aj s~crzfsars ajjcrs g ~apckpfgiiv cjjcopfzc ecpha` pa gf` orass%bar`cr~aifov oaa~crgpfak gk` oaar`fkgpfak+
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77
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Phc oaiicmc aj s~crzfsars fs `cjfkc` gs
~cregkckp) giphamh jicxfbic) sproprc jar oaa~crgpfak gk` oaar`fkgpfak geakm phcgpharfpfcs aj `fjjcrckp lrfs`fopfaks rcs~aksfbic jar gk` fkzaizc` fk phc s~crzfsfak ajphc `fjjcrckp oae~akckps aj orass%bar`cr bgkdfkm mra~s (Oaeefppcc aj Cra~cgkBgkdfkm _~crzfsars TOCB_U 2>7>&+ Gs g mckcrgi ric) phc cspgbifsheckp aj gs~crzfsarv oaiicmc shai` bc oaksf`crc` jar sfmkfjfogkp jfkgkofgi fkspfppfaks fk sf|c)phcfr fkpcroakkcopc`kcss }fph aphcr oae~akckps aj phc jfkgkofgi svspce) gk` phc raicphcv ~igv fk phc egrdcp) f+c+) phc cxpckp pa }hfoh fp egv ogsc svspcefo fe~gop ak phcoakprv‖s jfkgkofgi svspce) phcrcbv gjjcopfkm phc rcmfak‖s jfkgkofgi spgbfifpv+
Rgshf` Hsscfk Bgkd
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hgzccx~gk`c` phcfr kcp}ards bcvak` phc eglar _aphcgsp Gsfgk oakprfcs+ G kebcr aj_fkmg~arcgk bgkds) kgeciv phc @czcia~eckp Bgkd aj _fkmg~arc) phc Skfpc`Azcrscgs Bgkd) gk` phc Azcrscgs Ohfkcsc Bgkd Oar~argpfak) hgzc gohfczc` sfefigrsoocss fk bcoaefkm rcmfakgi bgkds+
77
Gs aj _c~pcebcr 2>>6) phcrc grc earc phgk ?> oaiicmcs pa s~crzfsc oae~icx fkspfppfaks+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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Pgbic 6< _fmkfjfogkp Jfkgkofgi Fkspfppfaks
Ockprgi Bgkds Pa~ ? @aecspfo JFs fk varlrfs`fopfak phgp hgzcsfmkfjfogkp ~rcsckoc fk phcrcmfak
Pa~ ? jarcfmk JFs fk varlrfs`fopfak phgp grcarfmfkgpc` jrae _CGOCKecebcr oakprfcs
Pa~ ? aphcr jarcfmk JFs(g~grp jrae arfmfkgpfkmjrae _CGOCK ecebcroakprfcs& phgp hgzcsfmkfjfogkp ~rcsckoc fkvar oakprv
Efkfsprv ajJfkgkoc) Brkcf@grssgige
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Phc Bgkd aj Darcg % Kakc % @B_ (_fkmg~arc&% SAB (_fkmg~arc&% AOBO (_fkmg~arc&
% Ofpfbgkd% H_BO% _pgk`gr`
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_aroc< _frcmgr gk` Ife 2>7>+
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72G oaeecrofgi bgkd fk phc G@B ecebcr rcjcrrc` pa gs "Pgf~cf)Ohfkg"+
7?G oaeecrofgi bgkd fk phc G@B ecebcr rcjcrrc` pa gs "Pgf~cf)Ohfkg"+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
20
phc AJ_F jar Bgkd aj Kazg _oapfg mra~+ _fefigriv) phc Eakcpgrv Gpharfpv aj_fkmg~arc gk` phc Ockprgi Bgkd aj phc ^hfif~~fkcs hgzc gisa ~grpfof~gpc` fk g kebcraj oaiicmcs aj s~crzfsars armgkf|c` jar eglar Cra~cgk gk` S_ bgkds+ Bp gs aj Lkc2>7>) phcrc hgs kap bcck gkv grrgkmceckp jar s~crzfsarv oaiicmcs jar phc Gsfgkrcmfakgi eipfkgpfakgi bgkds) soh gs phasc Egigvsfgk gk` _fkmg~arcgk bgkds`fsossc` cgrifcr+
G kebcr aj fsscs gk` ohgiickmcs hgzc bcck rcoamkf|c` bv Gsfgk ockprgi bgkds gk`eakcpgrv gpharfpfcs `rfkm phcfr ~grpfof~gpfak fk zgrfas oaiicmcs aj s~crzfsars+ _aecohgiickmcs grc kap ~grpfoigr pa phc Gsfgk ockprgi bgkds) bp grc shgrc` bv egkvaphcrs miabgiiv+ Pa spgrp) fp fs fe~crgpfzc phgp fkjaregpfak cxohgkmc bc g p}a%}gv~raocss gk` rcjicops phc kcc`s aj phc gpharfpfcs fkzaizc` pa cksrc cjjcopfzc ~r`ckpfgis~crzfsfak+ Bp s~crzfsars egv jgoc icmgi gk` oakspfppfakgi oaksprgfkps pa phcshgrfkm aj zfpgi fkjaregpfak+ Jrphcrearc) mfzck phc scksfpfzfpv aj phc fkjaregpfak pa bcshgrc`) s~crzfsars kcc` pa }cfmh gk` bgigkoc fsscs ~crpgfkfkm pa kgpfakgi fkpcrcsps+Fk saec ofroespgkocs }hck ~rabices grfsc) phcrc egv bc g `fzcrmckoc aj fkpcrcsps}hcrc phc haec ar hasp s~crzfsar sccds pa rfkm%jckoc ~rabices gp phc kgpfakgi iczcigk` hckoc fe~c`c phc cgriv `cpcopfak aj cecrmfkm mra~%}f`c) orass bar`cr ~rabices+
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Phc haec gk` hasp oakprfcs fssc egv gisa grfsc `c pa phc fe~arpgkoc aj phcrciczgkp jfkgkofgi fkspfppfaks+ Jar fkspgkoc) g miabgi jfkgkofgi fkspfppfak egv bc`ccec` svspcefo gk` sfmkfjfogkp jar phc hasp s~crzfsar aj oakprv G+ Vcp) jar phchaec s~crzfsar) phc ~rcsckoc aj fps miabgi jfkgkofgi fkspfppfak fk oakprv G fs akiv gkfksfmkfjfogkp shgrc aj phc jfkgkofgi fkspfppfak‖s miabgi gopfzfpfcs+ 70
:+ IFWSF@FPV RF_D EGKGMCECKP
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~apckpfgi fkockpfzc ~rabices ogk bc rc`oc`+
73
Phc fe~arpgkoc aj ifwf`fpv jar phc }cii%jkopfakfkm gk` spgbfifpv aj phc jfkgkofgi scoparhgs bcck jrcwckpiv k`crsoarc` bv ~gsp jfkgkofgi orfsfs+ Phc rcockp miabgi jfkgkofgiorfsfs rcgjjfres phc fe~arpgkoc aj ifwf`fpv+ Egssfzc gk` rg~f` ~razfsfak aj ifwf`fpfcsfkpa phc fkpcrbgkd egrdcps `rfkm phc jfkgkofgi orfsfs bv phc ockprgi bgkds gk` eakcpgrvgpharfpfcs grak` phc }ari` hgs bcck orc`fpc` }fph phc rcigpfzciv jgspcr phgk cx~copc`coakaefo rcoazcrfcs+ Phc ockprgi bgkd‖s raic gs ~razf`cr aj egrdcp ifwf`fpv `rfkm`fsar`criv gk` fiifwf` egrdcps hgs bcck rcjcrrc` pa gs phgp aj phc egrdcp egdcr aj igsp
rcsarp (EEIR&+ Fk g sp`v) Bfpcr (2>>8& oae~grcs gk` oakprgsps phc cjjcopfzckcss ajEEIR ~aifofcs gorass g kebcr aj ockprgi bgkds fk `czcia~c` coakaefcs) kgeciv)phc Bgkd aj Ckmigk`) phc Cra~cgk Ockprgi Bgkd) gk` phc Jc`crgi Rcscrzc Bagr`svspce+ Phc ~aifov ecgsrcs pa egkgmc ifwf`fpv `rfkm phc orfsfs hgzc fk`cc` bcckoaspiv+ ^razfsfak aj phc ifwf`fpv fk phc fkpcrbgkd egrdcp gmgfksp orc`fp%rfsdv oaiigpcrgihgs bcck gopfzciv ~rsc` `rfkm phc ~gsp jc} vcgrs gk` hgs ~igoc` ockprgi bgkds‖bgigkoc shccps gp rfsd+ Phc cx~crfckocs aj ockprgi bgkds aj segii) a~ck coakaefcs fk
70 Jar fkspgkoc) phc shgrc aj papgi gsscps aj Ofpfbgkd KG) phc bfmmcsp jarcfmk bgkd fk Fk`akcsfg) fs akiv>+26# aj papgi gsscps aj Ofpfmra~+ Mfzck phc segii shgrc aj Ofpfbgkd Fk`akcsfg fk phc miabgi gsscps ajOfpfbgkd mra~) Bgkd Fk`akcsfg hgs sa jgr bcck hgzfkm `fjjfoipfcs fk saifofpfkm sjjfofckp fkjaregpfak ak phcsak`kcss aj phfs mra~ jrae Ofpfmra~‖s haec rcmigpar+
73 Phc `fsossfak fk phfs scopfak bckcjfpc` mrcgpiv jrae _bhgkfl (2>7>& gk` phc rcscgroh ~ralcop akecgsrceckp gk` egkgmceckp aj ifwf`fpv oak`opc` bv phc _aph Cgsp Gsfgk Ockprgi Bgkds(_CGOCK& Rcscgroh gk` Prgfkfkm Ockprc fk 2>>6+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
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Mfzck phc hfmh oasp aj ifwf`fpv ~razfsfak) fp fs fk g ockprgi bgkd‖s fkpcrcsp pa rc`oc phcfkof`ckocs aj svspcefo ifwf`fpv sprcsscs+ Phc ablcopfzc aj phfs scopfak fs pa pgdc spaod
aj phc ohgiickmcs jgofkm phc egkgmceckp aj ifwf`fpv aj phc jfkgkofgi scopar) gk` earcfe~arpgkpiv) pa czgigpc }hgp ockprgi bgkds fk Gsfg hgzc `akc pa fe~razc phcfrog~gofpfcs gk` pa oakjare pa phc fkfpfgpfzcs fkpra`oc` bv phc Bgsci Oaeefppcc akifwf`fpv egkgmceckp+
Phcrc grc phrcc pv~cs aj jfkgkofgi%scopar ifwf`fpv pa bc oaksf`crc`+ Phc jfrsp fs jk`fkmifwf`fpv) }hfoh rcjcrs pa phc gbfifpv aj bgkds pa eccp phcfr ifgbfifpfcs gk` k}fk` ar scpphcfr `c ~asfpfaks (BOB_ 2>>8&+ Phc scoak` fs egrdcp ifwf`fpv) }hfoh rcjcrs pa phcgbfifpv pa prg`c gk gsscp gp sharp kapfoc) gp ia} oasp) gk` }fph efkfegi fe~gop ak fps~rfoc (_grr gk` Ivbcod 2>>2&+ Phc phfr` pv~c fs ockprgi bgkd ifwf`fpv+ Phfs fs phc icgsp`fsossc`) bp `rfkm g orfsfs phc gbfifpv aj g ockprgi bgkd pa fklcop ifwf`fpv fkpa phcegrdcp fs cssckpfgi jar phc jkopfakfkm gk` spgbfifpv aj phc jfkgkofgi scopar) gs scck
`rfkm phc rcockp miabgi jfkgkofgi orfsfs+G _CGOCK Ockprc srzcv aj ockprgi bgkds fk Gsfg hfmhifmhps jgopars gjjcopfkm phcifwf`fpv aj phc jfkgkofgi scopar (Pgbic 7>&+ Phc easp oaeeak saroc aj jk`fkm ifwf`fpvfs phc ifwf`fpv efsegpoh bcp}cck gsscps gk` ifgbfifpfcs (phgp fs gsscps bcfkm icss ifwf`phgk ifgbfifpfcs&+ Phfs fs kap g sr~rfsc mfzck phc bgsfo jkopfak aj g bgkd) kgeciv paprgksjare ifwf` sharp%pcre `c~asfps fkpa fiifwf` iakm%pcre iagks+ Phc scoak` saroc ajifwf`fpv ~rabices fs fkg`cwgpc) ifwf`fpv rfsd egkgmceckp+ Phfs jgopar g~~cgrs pa bcphc easp orofgi raap ogsc aj egrdcp fiifwf`fpv+ Phfs jfk`fkm goockpgpcs phc rmckovpa `czcia~ oae~rchcksfzc sprcss pcspfkm ~rgopfocs pa sprckmphck ifwf`fpv rfsdegkgmceckp og~gofpv+ _hfjps fk eakcpgrv ~aifov gk` s~crzfsarv rcmigpfak hgzc gisabcck f`ckpfjfc` gs eglar jgopars phgp hgzc fe~gops ak jk`fkm ifwf`fpv) cs~cofgiiv jarkc}iv cecrmfkm egrdcps) soh gs Ogeba`fg+ Phc rfsc fk phc rcscrzc rcwfrceckp gk`efkfee og~fpgi rcwfrceckp grc cxge~ics aj phc geck`eckps aj phc s~crzfsarvrcmigpfaks+
8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
2:
Pgbic 7>< Jgopars Gjjcopfkm Ifwf`fpfcs
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Igod aj oakpfkmckov jk`fkm ~igk Fk`akcsfg4 Egigvsfg4 Kc~gi4 _rf Igkdg+
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Igod aj gipcrkgpfzc jk`fkm Fk`akcsfg4 Darcg4 Egigvsfg4 Kc~gi4 _rf
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Igods aj ifwf`fpv fk fkpcrbgkd gk` bak`egrdcps
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Iass aj oakjf`ckoc Fk`akcsfg4 Darcg4 Pgf~cf)Ohfkg4 Phgfigk`+
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G@BF ]ardfkm ^g~cr ?23 _frcmgr
28
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8/3/2019 Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks
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