Effective Macroprudential Policy : Cross-Sector Substitution from Price and Quantity Measures /

Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit, both fo...

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Bibliografske podrobnosti
Glavni avtor: Cizel, Janko
Drugi avtorji: Frost, Jon, Houben, Aerdt, Wierts, Peter
Format: Revija
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2016.
Serija:IMF Working Papers; Working Paper ; No. 2016/094
Online dostop:Full text available on IMF
Opis
Izvleček:Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit, both for advanced economies and emerging market economies. Yet we also find evidence of substitution effects towards nonbank credit, especially in advanced economies, reducing the policies' effect on total credit. Quantity restrictions are particularly potent in constraining bank credit but also cause the strongest substitution effects. Policy implications indicate a need to extend macroprudential policy beyond banking, especially in advanced economies.
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Fizični opis:1 online resource (47 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Dostop:Electronic access restricted to authorized BRAC University faculty, staff and students