Macro-Prudential Policies to Mitigate Financial System Vulnerabilities /

Macro-Prudential Policies to Mitigate Financial System Vulnerabilities /

Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of...

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Bibliografiska uppgifter
Huvudupphovsman: Claessens, Stijn
Övriga upphovsmän: Ghosh, Swati, Mihet, Roxana
Materialtyp: Tidskrift
Språk:English
Publicerad: Washington, D.C. : International Monetary Fund, 2014.
Serie:IMF Working Papers; Working Paper ; No. 2014/155
Länkar:Full text available on IMF
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245 1 0 |a Macro-Prudential Policies to Mitigate Financial System Vulnerabilities /  |c Stijn Claessens, Swati Ghosh, Roxana Mihet. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2014. 
300 |a 1 online resource (36 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000-2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers--caps on debt-to-income and loan-to-value ratios--and at financial institutions--limits on credit growth and foreign currency lending--are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools. 
538 |a Mode of access: Internet 
700 1 |a Ghosh, Swati. 
700 1 |a Mihet, Roxana. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2014/155 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2014/155/001.2014.issue-155-en.xml  |z IMF e-Library 

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