Digging deeper evidence on the effects of macroprudential policies from a new database prepared by Zohair Alam and seven others.
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TextSeries: IMF working paper ; WP/19/66.Publisher: [Washington, D.C.] International Monetary Fund, [2019]Description: 1 online resource (57 pages)ISBN: 149830270X; 1498304818; 9781498302708; 9781498304818Subject(s): Bank liquidity | Credit control | Financial risk management | Credit control -- Law and legislation | Banques -- Liquidité | Crédit -- Politique gouvernementale | Finances -- Gestion du risque | Bank liquidity | Credit control | Financial risk managementGenre/Form: EBSCO eBooks | Electronic books. DDC classification: 332.7 LOC classification: HG3705 | .A53 2019Online resources: EBSCOhost Summary: "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, the authors first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, they exploit novel numerical information on loan-to-value (LTV) limits using a propensityscore-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."--Abstract
"March 2019."
Includes bibliographical references.
"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, the authors first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, they exploit novel numerical information on loan-to-value (LTV) limits using a propensityscore-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."--Abstract
Online resource; title from PDF title page (IMF, viewed August 24, 2020).
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