Macroprudential Policy Effectiveness: Lessons from Southeastern Europe

• Autorzy: Jérôme Vandenbussche , Piyabha Kongsamut , Dilyana Dimova
• Języki publikacji: EN

Abstrakty

EN

This paper presents a detailed account of the rich set of macroprudential measures (MPPs) implemented in Bulgaria, Croatia, Romania, and Serbia during their synchronized boom and bust cycles in 2002-12, and assesses their effectiveness in managing credit growth. Only strong MPPs helped contain domestic credit growth during the boom years, but circumvention via direct external borrowing offset their effectiveness to a large extent. MPPs taken during the bust had no discernible impact. The paper concludes that (i) proper calibration of MPPs is of the essence; (ii) only strong, broad-based MPPs can contain credit booms; (iii) econometric studies of macroprudential policy effectiveness should focus on concrete policy measures rather than on instruments use; and (iv) in so doing should allow for possible non-linear and state-contingent effects. (original abstract)

Słowa kluczowe

EN

Prudential policy; Financial sustainability; Credit; Macroprudential policy

PL

Polityka ostrożnościowa; Stabilność finansowa; Kredyt; Polityka makroostrożnościowa

• Czasopismo: Journal of Banking and Financial Economics
• Rocznik: 2018
• Numer: nr 1(9)
• Strony: 60--102

Twórcy

autor

Jérôme Vandenbussche

• International Monetary Fund

autor

Piyabha Kongsamut

• International Monetary Fund

autor

Dilyana Dimova

• International Monetary Fund

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Identyfikatory

DOI

10.7172/2353-6845.jbfe.2018.1.4