@techreport{NBERw19967,
 title = "Macroprudential Policies in a Global Perspective",
 author = "Olivier Jeanne",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "19967",
 year = "2014",
 month = "March",
 doi = {10.3386/w19967},
 URL = "http://www.nber.org/papers/w19967",
 abstract = {This paper analyzes the case for the international coordination of macroprudential policies in the context of a simple theoretical framework. Both domestic macroprudential policies and prudential capital controls have international spillovers through their impact on capital flows. The uncoordinated use of macroprudential policies may lead to a "capital war" that depresses global interest rates. International coordination of macroprudential policies is not warranted, however, unless there is unemployment in some countries. There is scope for Pareto-improving international policy coordination when one part of the world is in a liquidity trap while the rest of the world accumulates reserves for prudential reasons.},
}