The impact of macroprudential policies on industrial growth

Carlos Madeira

No 2023-012, Working Papers from Banco Central de Reserva del Perú

Abstract: This paper analyzes the causal impact of macroprudential policies on growth, using industry-level data for 93 countries to overcome reverse-causality issues. Data on individual industries is required for identification, because national regulators care about the total GDP but not about the product of small economic sectors. I find that macroprudential tightening have a negative impact on manufacturing growth, especially in the long-term and for industries with high external finance dependence. This impact is stronger in periods of higher growth and for advanced economies. Supply of capital prudential policies have a larger impact on manufacturing growth.

Keywords: Macroprudential policy; Financial development; Growth (search for similar items in EconPapers)
JEL-codes: E44 G28 O10 O16 (search for similar items in EconPapers)
Date: 2023-12
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Related works:
Journal Article: The impact of macroprudential policies on industrial growth (2024)
Working Paper: The impact of macroprudential policies on industrial growth (2024)
Working Paper: The impact of macroprudential policies on industrial growth (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:rbp:wpaper:2023-012

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