Singapore: Financial Sector Assessment Program; Technical Note-Macroprudential Policy

July 15, 2019

Preview Citation

Format: Chicago

Singapore: Financial Sector Assessment Program; Technical Note-Macroprudential Policy, (USA: International Monetary Fund, 2019) accessed December 3, 2024

Summary

This technical note evaluates the macroprudential policy framework in Singapore with a focus on the price effect of macroprudential instruments. It assesses the domestic institutional arrangement, systemic risk monitoring framework, and macroprudential policy toolkit. The note assesses the strengths and weaknesses of the institutional arrangements for macroprudential policymaking and provides recommendations on how to enhance them further. It also describes the existing systemic risk monitoring framework and provides options to strengthen it. The use of macroprudential instruments in recent years and their effects on residential prices have also been discussed. The institutional framework for macroprudential policymaking has been revised and contains a clear mandate and well-defined objectives. The macroprudential mandate is assigned to dedicated committees within Monetary Authority of Singapore, limiting risk of dual mandates for the central bank. The authorities have taken important steps in recent years to develop the macroprudential policy framework and address relevant recommendations.

Subject: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, Loans, Macroprudential policy, Macroprudential policy instruments, National accounts, Prices

Keywords: CR, Global, House price growth, House price growth in Singapore, Housing, Housing loan, Housing prices, ISCR, Loan, Loan tenure, Loans, Macroprudential policy, Macroprudential policy instruments, Market, MAS Financial, Price, Price correction, Price effect, Private property, Property market, Property market, Tenure limit, Transaction price

Publication Details

Pages:

42
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/227
Stock No:

1SGPEA2019004
ISBN:

9781498325851
ISSN:

1934-7685

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