Comparative assessment of macroprudential policies
Ilhyock Shim and
Hyun Song Shin
Journal of Financial Stability, 2017, vol. 28, issue C, 183-202
This paper provides a comparative assessment of the effectiveness of macroprudential policies in 12 Asia-Pacific economies over 2004–2013, using databases of domestic macroprudential policies and capital flow management (CFM) policies. We find that banking sector CFM policies and bond market CFM policies are effective in slowing down banking inflows and bond inflows, respectively. We also find some evidence of spillover effects of these policies. Finally, regarding the interaction of monetary policy and macroprudential policies, our empirical findings suggest that macroprudential policies are more successful when they complement monetary policy by reinforcing monetary tightening, than when they act in opposite directions.
Keywords: Macroprudential policy; Capital flow management policy; Interest rate policy; Complementarity; Asia-Pacific (search for similar items in EconPapers)
JEL-codes: G28 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (49) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Comparative assessment of macroprudential policies (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:finsta:v:28:y:2017:i:c:p:183-202
Access Statistics for this article
Journal of Financial Stability is currently edited by I. Hasan, W. C. Hunter and G. G. Kaufman
More articles in Journal of Financial Stability from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().