The use and effectiveness of macroprudential policies: New evidence

被引：462

作者：

Cerutti, Eugenio ^{[1
]}

Claessens, Stijn ^{[2
]}

Laeven, Luc ^{[3
]}

机构：

[1] Int Monetary Fund, Res Dept, 700 19th St NW, Washington, DC 20431 USA

[2] Board Governors Fed Reserve Syst, Div Int Finance, 20th St & Constitut Ave, Washington, DC 20551 USA

[3] European Cent Bank, Directorate Gen Res, Sonnemannstr 20, D-60314 Frankfurt, Germany

来源：

JOURNAL OF FINANCIAL STABILITY | 2017年 / 28卷

关键词：

Macroprudential policies; Effectiveness; Procyclicality; Financial cycles; Boom and busts;

D O I：

10.1016/j.jfs.2015.10.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-2013 period, covering many instruments. Emerging economies use macroprudential policies most frequently; especially foreign exchange related ones while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts. Published by Elsevier B.V.

引用

页码：203 / 224

页数：22

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