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Macroprudential policy under uncertainty
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Autores
Orientador(es)
Resumo(s)
In this paper, an index of domestic macroprudential policy tools is constructed and
the efectiveness of these tools in controlling credit growth, managing GDP growth
and steadying infation is studied using a dynamic panel data model for the period
between 2000 and 2017. The empirical analysis includes two panels namely an EU
panel of 27 countries and a Latin American panel of 7 countries, the paper also
looks at a case study of Japan, Portugal and the UK. Our main results show that
a tighter overall macroprudential policy stance would result in lower credit growth
as well as lower GDP growth while, a tighter overall macroprudential policy tool
stance would lead to higher infation in the majority of cases. Factors such as capital
openness and the perception of global market risk play an important role in both the
exigency of policy implementation as well as the success thereof.
Descrição
Palavras-chave
Macroprudential policy Credit booms Capital fows Financial stability Systematic risk EU Latin America
Contexto Educativo
Citação
Venter, Zoë (2022). "Macroprudential policy under uncertainty". Portuguese Economic Journal, 21(2):161-209
Editora
Springer