Research conducted by the International Banking Research Network, for instance, shows that prudential instruments sometimes spill over across borders through bank lending, and that international spillovers vary across prudential instruments and are heterogeneous across banks.5 There appears to be no one channel or indeed, a specific direction of transmission that predominates in 3/4  BIS central bankers' speeches  the context of spillovers.
Understanding this heterogeneity and its implications for resilience is crucially important. 3 Summing Up Macroprudential policy is a new policy field and offers lots of unchartered territory to be explored by basic academic research and policy-oriented and applied research.