The impact of macroprudential policies in Latin America: An empirical analysis using credit registry data

Leonardo Gambacorta and Andrés Murcia

Journal of Financial Intermediation, 2020, vol. 42, issue C

Abstract: This paper summarises the results of a joint research project by five central banks in Latin America countries (Argentina, Brazil, Colombia, Mexico and Peru) to evaluate the effectiveness of macroprudential tools and their interaction with monetary policy. Using meta-analysis techniques, we summarise the results of a common empirical framework based on confidential bank-loan data. The main conclusions are that (i) macroprudential policies have been quite effective in stabilising credit cycles. The propagation of the effects to credit growth is more rapid for policies aimed at curbing the cycle than for policies aimed at fostering resilience; and (ii) macroprudential tools have a greater effect on credit growth when reinforced by the use of monetary policy.

Keywords: Macroprudential policies; Bank lending; Credit registry data; Meta-analysis (search for similar items in EconPapers)
JEL-codes: E43 E58 G18 G28 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (47)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinin:v:42:y:2020:i:c:s1042957319300361

DOI: 10.1016/j.jfi.2019.04.004

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