earticle

영어

In the aftermath of the global financial crisis of 2008-09, international financial institutions and regional multilateral banks have reviewed their approach to financial stability from microprudential to macroprudential to address systemic risks inherent in the global monetary, exchange and reserve system. Basel III has strengthened liquidity and leverage provisions with revision of microprudential framework of Basel II. Similarly, IMF and FSB have embarked on a new debate of financial regulatory framework centered on macroprudential policy. While its merits have been well documented, real effective policy tools and harmonized regulatory framewok have yet to be further elaborated. The present paper have reviewed theoretical aspects of financial regulation and attempted to make contribution to the current debate by undertaking a preliminary review of the case of Brazil on IOF- imposto sobre operações financeiras and related macroprudential measures which attracted much attention of policymakers on financial stability. Rrecurrent quantitative easing and its effect on capital inflows, carry trade and macroeconomic instability have recently led the Brazilian authority to implement enhanced macroprudential measures with capital control. While these macroprudential measures were considered endogenous to external capital flows, a close examination in this paper has revealed that the macroprudential framwork has long been embedded in the national financial system of Brazil since its late industrialization via desenvolvimentismo and integration into the international financial system to tap the foreign savings. The paper contends that the current financial crisis has induced a more systematic macroprudential measures which may suggest an exogenous macroprudential policy facing recurrent external shock. This argument has been corroborated by the latest conrtributions of BIS, IMF and FSB on countercyclical and cross-sectional policies for regulation and supervision of banking sector, capital market, shadow banking system and derivatives market for financial stability. Through a preliminary review of macroprudential policy in Brazil which became the world’s fifth or sixth largest economy, the paper contends that efforts need to be further strengthened on macrosystemic framework for global financial regulations, should the normatory parameters of financial reform be finely calibrated without giving detriment to capital account convertibility and financial innovation for capital flows and efficient resources allocation in emerging market economies.