Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5106551 | Journal of Financial Stability | 2017 | 22 Pages |
Abstract
Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-2013 period, covering many instruments. Emerging economies use macroprudential policies most frequently; especially foreign exchange related ones while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics, Econometrics and Finance (General)
Authors
Eugenio Cerutti, Stijn Claessens, Luc Laeven,