登入選單
返回Google圖書搜尋
Macro-Prudential Policies to Mitigate Financial System Vulnerabilities
Mr.Stijn ClaessensSwati R. GhoshMissRoxana Mihet
出版International Monetary Fund, 2014-08-19
主題Business & Economics / Finance / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Money & Monetary Policy
ISBN14983576019781498357609
URLhttp://books.google.com.hk/books?id=ONOOBAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.