全球智库信息集成服务系统(G2TT): DP12766 Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP12766
	DP12766 Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
	Kristin Forbes; Toni Ahnert; Christian Friedrich; Dennis Reinhardt
发表日期	2018-03-02
出版年	2018
语种	英语
摘要	Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulation, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions. We confirm these predictions using a rich dataset of macroprudential FX regulations. These empirical tests show that FX regulations: (1) are effective in terms of reducing borrowing in foreign currency by banks; (2) have the unintended consequence of simultaneously causing firms to increase FX debt issuance; (3) reduce the sensitivity of banks to exchange rate movements, but (4) are less effective at reducing the sensitivity of corporates and the broader financial market to exchange rate movements. As a result, FX regulations on banks appear to be successful in mitigating the vulnerability of banks to exchange rate movements and the global financial cycle, but partially shift the snowbank of FX vulnerability to other sectors.
主题	International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	Macroprudential policies Fx regulations Banking flows International debt issuance
URL	https://cepr.org/publications/dp12766
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/541575
推荐引用方式 GB/T 7714	Kristin Forbes,Toni Ahnert,Christian Friedrich,et al. DP12766 Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?. 2018.