| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12027 |
| DP12027 The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data | |
| Leonardo Gambacorta; Andres Murcia | |
| 发表日期 | 2017-05-08 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper summarises the results of a joint research project by eight central banks in the Americas region to evaluate the effectiveness of macroprudential tools and their interaction with monetary policy. In particular, using meta-analysis techniques, we summarise the results for five Latin American countries (Argentina, Brazil, Colombia, Mexico and Peru) that use confidential bank-loan data. The use of granular credit registry data helps us to disentangle loan demand from loan supply effects without making strong assumptions. Results from another three countries (Canada, Chile and the United States) corroborate the analysis using data for credit origination and borrower characteristics. The main conclusions are that (i) macroprudential policies have been quite effective in stabilising credit cycles. The propagation of the effects to credit growth is more rapid (they materialise after one quarter) for policies aimed at curbing the cycle than for policies aimed at fostering resilience (which take effect within a year); and (ii) macroprudential tools have a greater effect on credit growth when reinforced by the use of monetary policy to push in the same direction. |
| 主题 | Financial Economics |
| 关键词 | Macroprudential policies Bank lending Credit registry data Meta-analysis |
| URL | https://cepr.org/publications/dp12027 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540839 |
| 推荐引用方式 GB/T 7714 | Leonardo Gambacorta,Andres Murcia. DP12027 The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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