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How Monetary Policy Strategies Changed After the Global Financial Crises?

Table 5:

  Macro-prudential Policies Quantitative Easing Forward Guidance Negative Interest Rate
Brazil Increase of capital requirements for loans with maturity longer than 24 months to individuals. Increase of reserve requirements over deposits No No No
China The different reserves requirements ratios applied to the banks in terms of their size.Guidance about the increasing credit support to basic sectors and credit controls of compnies with higher consumer of energy. No No No
South Africa No No No No
Poland Changes of countercyclical nature in the so-called Recommendation T (on managing risk of retail exposures) letter to banks on Suggested profit distrubuition increase in risk weights for FX retail exposures No No No
Russia Higher requirements for minimum provisions for unsecured consumer loansIncrease in risk ratios for unsecured consumer loans with high effective rates to calculate bank capital adequacy. The Bank of Russia plans to implement capital adequacy requirements in 2013 in accordance with Basel III regulations No No No
Turkey The CBRT has introduced a new monetary policy framework as of late 2010, through modifying the inflation targeting regime it has been implementing since 2006. The new framework has been constructed by treating financial stability as a supplementary objective without prejudice to price stability. No No No
India Both before and after the crisis / India’s experience with the conduct of macro-prudential policy has spanned initiatives to address both dimensions of systemic risks – procyclicality and crosssectional risks. No No No
Mexico No No No No
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