Volume 13, Supplement 1 March 2017 oue1,Splmn March 2017 Volume 13, Supplement 1 BANKING OF CENTRAL JOURNAL INTERNATIONAL

INTERNATIONAL JOURNAL OF CENTRAL BANKING

ational Prude Intern ntial on Pol ue ternational Banki icy Iss e In ng R Sp al th es il ci om ea lo e fr rch ve p ce N r S n e s: de tw vi o E rk Introduction Cross-Border Prudential Policy Spillovers: How Much? How Important? Evidence from the International Banking Research Network Claudia M. Buch and Linda S. Goldberg International Banking and Cross-Border Effects of Regulation: Lessons from Canada, , Chile, , France, , , Mexico, Korea, the , , , , the United Kingdom, and the United States H. Evren Damar and Adi Mordel; Simone Auer, Maja Ganarin, and Pascal Towbin; Alejandro Jara and Luis Cabezas; Jana Ohls, Marcus Pramor, and Lena Tonzer; Matthieu Bussière, Julia Schmidt, and Frédéric Vinas; Kelvin Ho, Eric Wong, and Edward Tan; Marianna Caccavaio, Luisa Carpinelli, and Giuseppe Marinelli; Gabriel Levin-Konigsberg, Calixto López, Fabrizio López-Gallo, and Serafín Martínez-Jaramillo; Hyunggeun Park and Jungyeoun Lee; Jan Frost, Jakob de Haan, and Neeltje van Horen; Krzysztof Gajewski and Oskar Krzesicki; Diana Bonfim and Sónia Costa; Yusuf Soner Bas¸kaya, Mahir Binici, and Turalay Kenç; Robert Hills, Dennis Reinhardt, Rhiannon Sowerbutts, and Tomasz Wieladek; Jose M. Berrospide, Ricardo Correa, Linda S. Goldberg, and Friederike Niepmann Changes in Prudential Policy Instruments—A New Cross-Country Database Eugenio Cerutti, Ricardo Correa, Elisabetta Fiorentino, and Esther Segalla International Prudential Policy Spillovers: A Global Perspective Stefan Avdjiev, Cathérine Koch, Patrick McGuire, and Goetz von Peter International Journal of Central Banking

Volume 13, Supplement 1 March 2017

Special Issue on International Prudential Policy Spillovers: Evidence from the International Banking Research Network Introduction 1

Cross-Border Prudential Policy Spillovers: How Much? How 5 Important? Evidence from the International Banking Research Network Claudia M. Buch and Linda S. Goldberg

International Banking and Cross-Border Effects of Regulation: 35 Lessons from Canada H. Evren Damar and Adi Mordel

International Banking and Cross-Border Effects of Regulation: 65 Lessons from Switzerland Simone Auer, Maja Ganarin, and Pascal Towbin

International Banking and Cross-Border Effects of Regulation: 95 Lessons from Chile Alejandro Jara and Luis Cabezas

International Banking and Cross-Border Effects of Regulation: 129 Lessons from Germany Jana Ohls, Marcus Pramor, and Lena Tonzer

International Banking and Cross-Border Effects of Regulation: 163 Lessons from France Matthieu Bussi`ere, Julia Schmidt, and Fr´ed´eric Vinas

International Banking and Cross-Border Effects of Regulation: 195 Lessons from Hong Kong Kelvin Ho, Eric Wong, and Edward Tan

International Banking and Cross-Border Effects of Regulation: 223 Lessons from Italy Marianna Caccavaio, Luisa Carpinelli, and Giuseppe Marinelli

International Banking and Cross-Border Effects of Regulation: 249 Lessons from Mexico Gabriel Levin-Konigsberg, Calixto L´opez, Fabrizio L´opez-Gallo, and Seraf´ın Mart´ınez-Jaramillo International Banking and Cross-Border Effects of Regulation: 273 Lessons from Korea Hyunggeun Park and Jungyeoun Lee

International Banking and Cross-Border Effects of Regulation: 293 Lessons from the Netherlands Jan Frost, Jakob de Haan, and Neeltje van Horen

International Banking and Cross-Border Effects of Regulation: 315 Lessons from Poland Krzysztof Gajewski and Oskar Krzesicki

International Banking and Cross-Border Effects of Regulation: 341 Lessons from Portugal Diana Bonfim and S´onia Costa

International Banking and Cross-Border Effects of Regulation: 379 Lessons from Turkey Yusuf Soner Ba¸skaya, Mahir Binici, and Turalay Ken¸c

International Banking and Cross-Border Effects of Regulation: 405 Lessons from the United Kingdom Robert Hills, Dennis Reinhardt, Rhiannon Sowerbutts, and Tomasz Wieladek

International Banking and Cross-Border Effects of Regulation: 435 Lessons from the United States Jose M. Berrospide, Ricardo Correa, Linda S. Goldberg, and Friederike Niepmann

Changes in Prudential Policy Instruments—A New Cross-Country 477 Database Eugenio Cerutti, Ricardo Correa, Elisabetta Fiorentino, and Esther Segalla

International Prudential Policy Spillovers: A Global Perspective 505 Stefan Avdjiev, Cath´erine Koch, Patrick McGuire, and Goetz von Peter

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ISSN: 1815-4654 International Journal of Central Banking

Board of Directors Chairman Claudio Borio, Bank for International Settlements

Board Members Q. Farooq Akram, Norges Bank Carlos Lenz, Swiss National Bank Abdulaziz Al-Furaih, Saudi Arabian Jesper Lind´e, Sveriges Riksbank Monetary Agency Choy Keen Meng, Monetary Authority David E. Altig, Federal Reserve Bank of Atlanta of Singapore Carlos Hamilton Vasconcelos Araujo, Central Bank John McDermott, Reserve Bank of New Zealand of Brazil Emanuel Moench, Deutsche Bundesbank Jan Marc Berk, The Nederlandsche Bank Alberto Naudon, Central Bank of Chile Mohamed Tahar Bouhouche, Bank of Algeria Edward Offenbacher, Bank of Israel Lillian Cheung, Hong Kong Monetary Authority Fabio Panetta, Bank of Italy Laurent Clerc, Bank of France Michael D. Patra, Reserve Bank of India Francisco G. Dakila Jr., Central Bank of Th´orarinn G. P´etursson, Central Bank of the Ivan Ribnikar, Bank of Mary Daly, Federal Reserve Bank of San Francisco Lawrence Schembri, Bank of Canada Michael Dotsey, Federal Reserve Bank Sam Schulhofer-Wohl, Federal Reserve Bank of Philadelphia of Minneapolis William English, Federal Reserve Board Mark Schweitzer, Federal Reserve Bank Gabriel Fagan, Central Bank of Ireland of Cleveland Jiang Feng, People’s Bank of Shigenori Shiratsuka, Bank of Japan Manuel Ramos Francia, Bank of Mexico Jan Smets, National Bank of Belgium Jeffrey C. Fuhrer, Federal Reserve Bank of Boston Daniel Sullivan, Federal Reserve Bank of Kamil Galuscak, Czech National Bank Chicago Niels Lyngg˚ard Hansen, Danmarks Nationalbank Juha Tarkka, Bank of Finland Philipp Hartmann, European Central Bank George Tavlas, Bank of Greece Elena Iorga, National Bank of Romania Joseph Tracy, Federal Reserve Bank of New York Seung-Cheol Jeon, Bank of Korea Dobieslaw Tymoczko, National Bank of Poland Juan F. Jimeno, Bank of Hernando Vargas Herrera, Banco de la Rep´ublica George A. Kahn, Federal Reserve Bank of Kansas City Christopher Waller, Federal Reserve Bank Sujit Kapadia, Bank of England of St. Louis Ali Hakan Kara, Central Bank of Turkey John Weinberg, Federal Reserve Bank of Richmond Christopher Kent, Reserve Bank of Australia Ksenia Yudaeva, Central Bank of Evan Koenig, Federal Reserve Bank of Dallas Russian Federation Ana Christina Leal, Bank of Portugal

Editorial Board Managing Editor Loretta Mester Federal Reserve Bank of Cleveland

Co-editors Tobias Adrian Harrison Hong Rafael Repullo International Monetary Fund Columbia University CEMFI Boragan Aruoba Luc Laeven Barbara Rossi University of Maryland European Central Bank Universitat Pompeu Fabra Pierpaolo Benigno Lucrezia Reichlin LUISS Guido Carli London Business School

Associate Editors Patrick Bolton Jordi Gal´ı Eli M. Remolona Columbia University Centre de Recerca en Economia Bank for International Internacional (CREI) Settlements Michael D. Bordo Rutgers University Marvin Goodfriend H´el`ene Rey Carnegie Mellon University London Business School Mark Carey Federal Reserve Board Michael B. Gordy Jean-Charles Rochet Federal Reserve Board University of Zurich Pierre Collin-Dufresne Luigi Guiso Andrew K. Rose Columbia University European University Institute University of California, Guy Debelle Andrew G. Haldane Berkeley Reserve Bank of Australia Bank of England Klaus Schmidt-Hebbel Douglas W. Diamond Takatoshi Ito Organisation for Economic University of Chicago Graduate Columbia University Co-operation and Development School of Business (OECD) David Lando Francis Diebold Copenhagen Business School Lars E.O. Svensson Stockholm School of Economics University of Pennsylvania Philip Lane J¨urgen von Hagen Michael Dotsey Trinity College Dublin University of Bonn Federal Reserve Bank of Francesco Lippi Philadelphia University of Sassari Ernst-Ludwig von Thadden University of Mannheim Darrell Duffie Carmen M. Reinhart Stanford University Harvard Kennedy School Tsutomu Watanabe University of Tokyo

Advisory Board Franklin Allen Hyun Shin Carl E. Walsh The Wharton School Bank for International University of California of the University of Settlements Michael Woodford Pennsylvania Columbia University Charles Goodhart Kazuo Ueda John Taylor London School of Economics University of Tokyo Stanford University