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Review of Bank of Russia – NES Workshop ‘Identification and Measurement of Macroprudential Policies Effects’

Henry Penikas

Russian Journal of Money and Finance, 2021, vol. 80, issue 3, 94–104

Abstract: In the first week of June 2021, the Bank of Russia and the New Economic School hosted a joint international online workshop titled ‘Identification and Measurement of Macroprudential Policies Effects’. Participants’ presentations suggest that macroprudential policy measures against high-risk lending produce their intended effects, but also, as a rule, bring about side effects. These effects may include a reduction in low-risk loan disbursements, if such measures are disincentivising in nature (as in Russia), or, vice versa, significant growth in the portfolio of low-risk loans, if the macroprudential tools are of a restrictive nature (as in Switzerland and Ireland).

Keywords: macroprudential policy; risk weights; capital adequacy ratio; transmission mechanism; LTV; LTI; difference in differences (search for similar items in EconPapers)
JEL-codes: E44 G28 O10 O16 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.31477/rjmf.202103.94

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Handle: RePEc:bkr:journl:v:80:y:2021:i:3:p:94-104