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Macroprudential Policies and Capital Controls Over Financial Cycles
Maria Arakelyan
Adam Gersl
Mr. Martin Schindler
出版
International Monetary Fund
, 2023-08-25
主題
Business & Economics / Exports & Imports
Business & Economics / Economics / Macroeconomics
Business & Economics / Money & Monetary Policy
Business & Economics / Economics / General
ISBN
9798400248757
URL
http://books.google.com.hk/books?id=b_nTEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
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.