We are working closely with our international counterparts to develop coherent and comprehensive approaches, aided by the Basel Committee on Banking Supervision, the Financial Stability Board, the International Monetary Fund, and other institutions. 12 Finally, we must not forget that macroprudential policies will entail some costs as well as benefits. The magnitude of these costs remains a subject of debate.
One reason that the saving rate fell during the 1990s was the rising stock market. Higher equity prices led consumers to feel wealthier, which boosted spending relative to income and thus reduced the saving rate.