MACROPRUDENTIAL TRANSPARENCY AND PRICE STABILITY IN EMERGING AND DEVELOPING COUNTRIES

Emna Trabelsi

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Abstract: In recent literature, there is a focus on the macroeconomic effects of macroprudential policy instruments. The innovation of this paper is to study the effects of transparent macroprudential policies on price stability. Our results provide the first empirical evidence that macroprudential transparency can aid to achieve stable inflation in emerging and developing countries. The effect is necessarily transmitted through the reduction of the occurrence of banking crisis. We also record a particular advantage of macroprudential transparency for non-inflation targeting countries. Overall, our results are robust to the use of two proxies of price stability.

Keywords: macroprudential transparency; price stability; banking crisis; dynamic panel; mediation; bootstrapping (search for similar items in EconPapers)
Date: 2021-03-31
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-mac and nep-mon
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Published in Journal of Central Banking Theory and Practice, 2021, 11 (1), pp.105-129

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Journal Article: Macroprudential Transparency and Price Stability in Emerging and Developing Countries (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03566224

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