Macroprudential control/ watertight

アジアといってもdevelopedとdevelopingでは状況が違います。お尻に火がつく前に打開策が必要です。本文のMacroprudential controlsは、詳しい説明はできませんが、調べてみると「金融システム全体のリスクを緩和させるための経済規制」のことのようです。Neumann氏は、そのマクロ・プルーデンシャル政策は「水も入る隙間もないとは言えない」すなわち「完璧ではない」と言っています。(Othello)

Asia’s great moderation - Asian economies

Mr Neumann is, however, sceptical that regulatory tightening can substitute for the monetary kind. Macroprudential controls are not watertight, he notes. As long as capital remains cheap, money will leak. If the regulator lowers mortgage loan-to-value ratios, for example, banks may simply raise the appraised value of a home. If regulators impede foreign purchases of property, as Hong Kong just did, foreigners will seek inventive ways around the rules.

Hong Kong’s freedom to raise rates is constrained by its currency’s fixed link to the dollar, one of the few pegs to survive the Asian financial crisis. Other central banks do not have that excuse. Currency flexibility has given them the freedom to cut rates when growth slows. It should also allow them to raise rates when financial excess threatens—even if rates remain near zero in America, Europe and Japan. If stable growth allows lenders or borrowers to become overstretched, it can “sow the seeds of its own destruction”, Mr Neumann argues. Nothing great about that.