EconPapers    
Economics at your fingertips  
 

The Use and Effectiveness of Macroprudential Policies; New Evidence

Eugenio Cerutti, Stijn Claessens () and Luc Laeven ()

No 15/61, IMF Working Papers from International Monetary Fund

Abstract: Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while advanced countries use borrower-based policies more. Usage is generally associated with lower growth in credit, notably in household credit. Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financial cycles, they work less well in busts.

Keywords: Central banks and their policies; Financial cycles; Macroprudential policies, Effectiveness, Procyclicality, credit growth, markets, monetary fund, borrower, instruments, Government Policy and Regulation, Government Policy and Regulation, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ifn and nep-mac
Date: 2015-03-17
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (101) Track citations by RSS feed

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=42791 (application/pdf)

Related works:
Journal Article: The use and effectiveness of macroprudential policies: New evidence (2017) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:15/61

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Jim Beardow ().

 
Page updated 2019-05-25
Handle: RePEc:imf:imfwpa:15/61