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Digging Deeper Evidence On The Effects Of Macroprudential Policies From A New Database
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Book Synopsis Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database by : Zohair Alam
Download or read book Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database written by Zohair Alam and published by International Monetary Fund. This book was released on 2019-03-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.
Book Synopsis Macroprudential Policies and Housing Price by : Mr.Jerome Vandenbussche
Download or read book Macroprudential Policies and Housing Price written by Mr.Jerome Vandenbussche and published by International Monetary Fund. This book was released on 2012-12-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
Book Synopsis Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates by : Juliana Dutra Araujo
Download or read book Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates written by Juliana Dutra Araujo and published by International Monetary Fund. This book was released on 2020-05-22 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
Book Synopsis Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit by : International Monetary Fund
Download or read book Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-29 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sector-specific macroprudential regulations increase the riskiness of credit to other sectors. Using firm-level data, this paper computed the measures of the riskiness of corporate credit allocation for 29 advanced and emerging economies. Consistently across these measures, the paper finds that during credit expansions, an unexpected tightening of household-specific macroprudential tools is followed by a rise in riskier corporate lending. Quantitatively, such unexpected tightening during a period of rapid credit growth increases the riskiness of corporate credit by around 10 percent of the historical standard deviation. This result supports early policy interventions when credit vulnerabilities are still low, since sectoral leakages will be less important at this stage. Further evidence from bank lending standards surveys suggests that the leakage effects are stronger for larger firms compared to SMEs, consistent with recent evidence on the use of personal real estate as loan collateral by small firms.
Book Synopsis The Development Dimension Strengthening Macroprudential Policies in Emerging Asia Adapting to Green Goals and Fintech by : OECD
Download or read book The Development Dimension Strengthening Macroprudential Policies in Emerging Asia Adapting to Green Goals and Fintech written by OECD and published by OECD Publishing. This book was released on 2021-06-29 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Emerging Asian countries have been refining macroprudential policies, particularly since the Global Financial Crisis. This publication provides a detailed overview of the current macroprudential policy situation in Emerging Asian countries and explores how the macroprudential policy toolkit has evolved.
Book Synopsis How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries by : Mr.Tigran Poghosyan
Download or read book How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries written by Mr.Tigran Poghosyan and published by International Monetary Fund. This book was released on 2019-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018. The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities.
Book Synopsis Macroprudential Policy Effects by : Nina Biljanovska
Download or read book Macroprudential Policy Effects written by Nina Biljanovska and published by International Monetary Fund. This book was released on 2023-03-31 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis (GFC) underscored the need for additional policy tools to safeguard financial stability and ultimately macroeconomic stability. Systemic financial vulnerabilities had developed under a seemingly tranquil macroeconomic surface of low inflation and small output gaps. This challenged the precrisis view that achieving these traditional policy targets was a sufficient condition for macroeconomic stability. Thus, new tools had to be deployed to target specific financial vulnerabilities and to build buffers to cushion adverse aggregate shocks, while allowing traditional policy levers, including monetary and microprudential policies to focus on their traditional roles. Macroprudential policy measures emerged as the solution to this gap. Some of these measures had been used before the GFC (mostly in emerging markets). But it was only after the crisis that they were more widely adopted, and the toolkit expanded. This spurred a growing body of empirical research on the effects and potential shortfalls of these measures, with a further deepening of this knowledge gaining importance as policymakers confront increased financial stability risks in the post-pandemic world. Recognizing that there still is much to learn, this paper takes stock of our expanding understanding about the effects (and side effects) of macroprudential measures by focusing on these questions: What have we learned about the effects of macroprudential policy in containing the buildup of vulnerabilities? What do we know about the effects on economic activity and resilience? How do policy effects vary with conditions and over time? How important are leakages and circumvention? How do the effects on credit depend on other policies?
Book Synopsis SHOCKS AND CAPITAL FLOWS by : GASTON. SAHAY GELOS (RATNA.)
Download or read book SHOCKS AND CAPITAL FLOWS written by GASTON. SAHAY GELOS (RATNA.) and published by International Monetary Fund. This book was released on 2023 with total page 2040 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Growth and Financial Development by : Muhammad Shahbaz
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by Springer Nature. This book was released on 2021-09-21 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Book Synopsis Macroprudential Policies and Capital Controls Over Financial Cycles by : Maria Arakelyan
Download or read book Macroprudential Policies and Capital Controls Over Financial Cycles written by Maria Arakelyan and published by International Monetary Fund. This book was released on 2023-08-25 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we assess the effectiveness of macroprudential policies and capital controls in supporting financial stability. We construct a large and granular dataset on prudential and capital flow management measures covering 53 countries during 1996-2016. Conditional on a credit boom, we study the impact of these policy measures on the probability of the credit boom ending in a bust. Our analysis suggests that macroprudential tools are effective from this perspective. If credit booms are accompanied by capital flow surges, in addition to macroprudential tools, capital controls on money market instruments including cross-border interbank lending tend to contribute to reducing the likelihood of a credit bust.
Book Synopsis Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia by : Padamja Khandelwal
Download or read book Macroprudential Policies to Enhance Financial Stability in the Caucasus and Central Asia written by Padamja Khandelwal and published by International Monetary Fund. This book was released on 2022-03-10 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Limited economic diversification has made the economies of the Caucasus and Central Asia particularly vulnerable to external shocks. The economies in the region are heavily reliant on oil and mining exports as well as remittances. In some countries, tourism and capital flows also play a prominent role in aggregate economic activity.
Book Synopsis Eurasian Business and Economics Perspectives by : Mehmet Huseyin Bilgin
Download or read book Eurasian Business and Economics Perspectives written by Mehmet Huseyin Bilgin and published by Springer Nature. This book was released on 2022-04-27 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: EBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 22nd volume of the Eurasian Studies in Business and Economics (EBES’s official proceeding series) which includes selected papers from the 35th EBES Conference – Rome 2021. Due to the COVID-19, the conference presentation mode has been switched to "online/virtual presentation only”. In the conference, 142 papers by 302 colleagues from 48 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.
Book Synopsis Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter? by : Mohamed Belkhir
Download or read book Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter? written by Mohamed Belkhir and published by International Monetary Fund. This book was released on 2023-06-02 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to complementarities between monetary and macroprudential policies. We find that the tightening of most macroprudential tools—including DSTI and LTV limits, and capital requirements—reduces bank systemic risk further under inflation targeting. Our findings lend credence to the view that inflation targeting strengthens macroprudential policy roles in mitigating financial stability risks.
Book Synopsis Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)? by : Katharina Bergant
Download or read book Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)? written by Katharina Bergant and published by International Monetary Fund. This book was released on 2020-06-26 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set of macroprudential tools contribute to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky forms of credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macroeconomic stability. These findings on the benefits of macroprudential regulation are particularly notable since we do not find evidence that stricter capital controls provide similar gains.
Book Synopsis Macroprudential Policies in Response to External Financial Shocks by : Mr. Irineu E de Carvalho Filho
Download or read book Macroprudential Policies in Response to External Financial Shocks written by Mr. Irineu E de Carvalho Filho and published by International Monetary Fund. This book was released on 2023-01-20 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how countries use Macroprudential Policies (MaPs) to respond to external shocks such as US monetary policy surprises or fluctuations in capital flows. Constructing a model of a small open economy with financial frictions and a MaP authority that adjusts loan to value (LTV) ratio limits on borrowers and capital adequacy ratio (CAR) limits on banks, we show that using MaPs where stochastic external financial shocks are present entails a trade-off between macro-financial volatility and GDP growth. The terms of the trade-off are a function of a few country characteristics that amplify financial channels of external monetary shocks. Estimating MaP reaction functions for a panel of 41 countries in the period 2000–2017, we find that countercyclical macroprudential policy in response to surprise US monetary tightening is more likely for countries with net short currency mismatches (that is, foreign currency denominated liabilities larger than foreign currency denominated assets), consistent with the model’s predictions. The paper also finds that domestic credit and interest rates are more insulated from US monetary tightening for countries that employ MaPs countercyclically.
Book Synopsis Macroprudential Policies and House Prices in Europe by : Mr.Marco Arena
Download or read book Macroprudential Policies and House Prices in Europe written by Mr.Marco Arena and published by International Monetary Fund. This book was released on 2020-02-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
Book Synopsis Economic Outlook for Southeast Asia, China and India 2024 Developing amid Disaster Risks by : OECD
Download or read book Economic Outlook for Southeast Asia, China and India 2024 Developing amid Disaster Risks written by OECD and published by OECD Publishing. This book was released on 2024-05-02 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, a thematic chapter addressing a major issue facing the region, and a series of country notes.
