Publicação
The interaction between macroprudential policy and financial stability
| dc.contributor.author | Venter, Zoë | |
| dc.date.accessioned | 2020-04-21T16:57:07Z | |
| dc.date.available | 2020-04-21T16:57:07Z | |
| dc.date.issued | 2020-04 | |
| dc.description.abstract | In this paper, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth 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, and the paper also looks at a case study of Chile, Colombia, Japan, Portugal and the UK. Our main results find that the cumulative index of macroprudential policy tools does not have a statistically significant impact on credit growth when considering a panel of 27 EU countries. When considering the case of Japan, a tighter capital conservation buffer leads to a decrease in the credit supply. When looking at a panel of 7 Latin American countries, our main results show that a tightening of the capital conservation buffer results in an increase in the credit supply. A tightening of the loan-to-value ratio results in a decrease in the credit supply in the panel of 7 Latin American countries. Lastly, a tightening in the overall macroprudential policy tool stance results in a decrease in credit supply in Japan and an increase in credit supply in Portugal. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Venter, Zoë (2020). "The interaction between macroprudential policy and financial stability". Instituto Superior de Economia e Gestão – REM Working paper nº 0123 – 2020 | pt_PT |
| dc.identifier.issn | 2184-108X | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/20023 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.publisher | ISEG - REM - Research in Economics and Mathematics | pt_PT |
| dc.relation.ispartofseries | REM Working paper;nº 0123 – 2020 | |
| dc.relation.publisherversion | https://rem.rc.iseg.ulisboa.pt/wps/ | pt_PT |
| dc.subject | Macroprudential Policy | pt_PT |
| dc.subject | Credit Booms | pt_PT |
| dc.subject | Capital Flows | pt_PT |
| dc.subject | Financial Stability | pt_PT |
| dc.subject | Systematic Risk | pt_PT |
| dc.subject | EU | pt_PT |
| dc.subject | Latin America | pt_PT |
| dc.title | The interaction between macroprudential policy and financial stability | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |