Effective Macroprudential Policy Cross-Sector Substitution from Price and Quantity Measures

Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit, both fo...

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Bibliographic Details
Main Author: Cizel, Janko
Other Authors: Frost, Jon, Houben, Aerdt, Wierts, Peter
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2016
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Effective Macroprudential Policy  |b Cross-Sector Substitution from Price and Quantity Measures  |c Janko Cizel, Jon Frost, Aerdt Houben, Peter Wierts 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2016 
300 |a 47 pages 
651 4 |a Canada 
653 |a Economic policy 
653 |a Depository Institutions 
653 |a Credit 
653 |a Institutional Investors 
653 |a Pension Funds 
653 |a Banks 
653 |a Finance 
653 |a Banks and banking 
653 |a Industries: Financial Services 
653 |a Financial sector policy and analysis 
653 |a Monetary economics 
653 |a Financial institutions 
653 |a Financial Instruments 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Micro Finance Institutions 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Mortgages 
653 |a Money 
653 |a Non-bank Financial Institutions 
653 |a Banks and Banking 
653 |a Financial Institutions and Services: General 
653 |a Financial Markets and the Macroeconomy 
653 |a Bank credit 
653 |a Macroeconomics 
653 |a Banking 
653 |a Central Banks and Their Policies 
653 |a Macroprudential policy 
653 |a Mutual funds 
653 |a Money and Monetary Policy 
653 |a Macroprudential policy instruments 
700 1 |a Frost, Jon 
700 1 |a Houben, Aerdt 
700 1 |a Wierts, Peter 
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520 |a Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit, both for advanced economies and emerging market economies. Yet we also find evidence of substitution effects towards nonbank credit, especially in advanced economies, reducing the policies’ effect on total credit. Quantity restrictions are particularly potent in constraining bank credit but also cause the strongest substitution effects. Policy implications indicate a need to extend macroprudential policy beyond banking, especially in advanced economies