It has BIS Review 80/2000  2  boosted transparency across the spectrum of financial services, on both product and, equally importantly, cost-of-capital sides, and reduced the informational advantage of institutions vis-à-vis markets.
32  See IMF (2011d) for a discussion of the survey  33  In fact, the European Systemic Risk Board has recently asked its member countries to clarify and strengthen the macro prudential mandates of responsible national authorities where necessary: http://www.esrb.europa.eu/pub/pdf/recommendations/2011/ESRB_2011_3.en.pdf?9697 eb49d4116f8ed269b4d95326217b  8  BIS central bankers’ speeches  REFERENCES Ahuja, Ashvin and Malhar Nabar, “Safeguarding Banks and Containing Property Booms: Cross-Country Evidence on Macroprudential Policies and Lesson from Hong Kong SAR”, IMF Working Paper, WP/11/284.