Digging Deeper Evidence On The Effects Of Macroprudential Policies From A New Database
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Digging Deeper Evidence on the Effects of Macroprudential Policies from a New Database
Author | : Zohair Alam,Mr.Adrian Alter,Jesse Eiseman,Mr.R. G Gelos,Mr.Heedon Kang,Mr.Machiko Narita,Erlend Nier,Naixi Wang |
Publsiher | : International Monetary Fund |
Total Pages | : 57 |
Release | : 2019-03-22 |
Genre | : Business & Economics |
ISBN | : 9781498302708 |
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This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.
Macroprudential Policies and Housing Price
Author | : Mr.Jerome Vandenbussche,Ms.Ursula Vogel,Ms.Enrica Detragiache |
Publsiher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2012-12-27 |
Genre | : Business & Economics |
ISBN | : 9781475550139 |
Download Macroprudential Policies and Housing Price Book in PDF, Epub and Kindle
Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
The Development Dimension Strengthening Macroprudential Policies in Emerging Asia Adapting to Green Goals and Fintech
Author | : OECD |
Publsiher | : OECD Publishing |
Total Pages | : 152 |
Release | : 2021-06-29 |
Genre | : Electronic Book |
ISBN | : 9789264430105 |
Download The Development Dimension Strengthening Macroprudential Policies in Emerging Asia Adapting to Green Goals and Fintech Book in PDF, Epub and Kindle
Many Emerging Asian countries have been refining macroprudential policies, particularly since the Global Financial Crisis. This publication provides a detailed overview of the current macroprudential policy situation in Emerging Asian countries and explores how the macroprudential policy toolkit has evolved.
Effects of Macroprudential Policy Evidence from Over 6 000 Estimates
Author | : Juliana Dutra Araujo,Manasa Patnam,Ms.Adina Popescu,Mr.Fabian Valencia,Weijia Yao |
Publsiher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2020-05-22 |
Genre | : Business & Economics |
ISBN | : 9781513545400 |
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This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
How Effective is Macroprudential Policy Evidence from Lending Restriction Measures in EU Countries
Author | : Mr.Tigran Poghosyan |
Publsiher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2019-03-01 |
Genre | : Business & Economics |
ISBN | : 9781498300872 |
Download How Effective is Macroprudential Policy Evidence from Lending Restriction Measures in EU Countries Book in PDF, Epub and Kindle
This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018. The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities.
Macroprudential Policies and Capital Controls Over Financial Cycles
Author | : Maria Arakelyan,Adam Gersl,Mr. Martin Schindler |
Publsiher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2023-08-25 |
Genre | : Business & Economics |
ISBN | : 9798400248757 |
Download Macroprudential Policies and Capital Controls Over Financial Cycles Book in PDF, Epub and Kindle
In this paper we assess the effectiveness of macroprudential policies and capital controls in supporting financial stability. We construct a large and granular dataset on prudential and capital flow management measures covering 53 countries during 1996-2016. Conditional on a credit boom, we study the impact of these policy measures on the probability of the credit boom ending in a bust. Our analysis suggests that macroprudential tools are effective from this perspective. If credit booms are accompanied by capital flow surges, in addition to macroprudential tools, capital controls on money market instruments including cross-border interbank lending tend to contribute to reducing the likelihood of a credit bust.
Economic Growth and Financial Development
Author | : Muhammad Shahbaz,Alaa Soliman,Subhan Ullah |
Publsiher | : Springer Nature |
Total Pages | : 245 |
Release | : 2021-09-21 |
Genre | : Business & Economics |
ISBN | : 9783030790035 |
Download Economic Growth and Financial Development Book in PDF, Epub and Kindle
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
SHOCKS AND CAPITAL FLOWS
Author | : GASTON. SAHAY GELOS (RATNA.) |
Publsiher | : International Monetary Fund |
Total Pages | : 2040 |
Release | : 2023 |
Genre | : Electronic Book |
ISBN | : 9798400211263 |
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