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Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates / Juliana Araujo, Manasa Patnam, Adina Popescu, Fabian Valencia, Weijia Yao.
- Format:
- Book
- Government document
- Author/Creator:
- Araujo, Juliana.
- Series:
- IMF Working Papers; Working Paper ; No. 2020/067
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (48 pages)
- Other Title:
- Effects of Macroprudential Policy
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2020.
- Summary:
- This paper builds a novel database on the effects of macroprudential policy drawing from 58 empirical studies, comprising over 6,000 results on a wide range of instruments and outcome variables. It encompasses information on statistical significance, standardized magnitudes, and other characteristics of the estimates. Using meta-analysis techniques, the paper estimates average effects to find i) statistically significant effects on credit, but with considerable heterogeneity across instruments; ii) weaker and more imprecise effects on house prices; iii) quantitatively stronger effects in emerging markets and among studies using micro-level data; and iii) statistically significant evidence of leakages and spillovers. Other findings include relatively stronger impacts for tightening than loosening actions and negative effects on economic activity in the near term.
- Notes:
- Description based on print version record.
- ISBN:
- 9781513545561
- 1513545566
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