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161223 ||| eng |
020 |
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|a 9781484337738
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100 |
1 |
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|a Cizel, Janko
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245 |
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|a Effective Macroprudential Policy
|b Cross-Sector Substitution from Price and Quantity Measures
|c Janko Cizel, Jon Frost, Aerdt Houben, Peter Wierts
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2016
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300 |
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|a 47 pages
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651 |
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4 |
|a Canada
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653 |
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|a Economic policy
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653 |
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|a Depository Institutions
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653 |
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|a Credit
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653 |
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|a Institutional Investors
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653 |
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|a Pension Funds
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653 |
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|a Banks
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653 |
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|a Finance
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653 |
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|a Banks and banking
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653 |
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|a Industries: Financial Services
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653 |
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|a Financial sector policy and analysis
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653 |
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|a Monetary economics
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653 |
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|a Financial institutions
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653 |
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|a Financial Instruments
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653 |
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|a General Financial Markets: Government Policy and Regulation
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653 |
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|a Micro Finance Institutions
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653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Mortgages
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653 |
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|a Money
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653 |
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|a Non-bank Financial Institutions
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653 |
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|a Banks and Banking
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653 |
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|a Financial Institutions and Services: General
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653 |
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|a Financial Markets and the Macroeconomy
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653 |
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|a Bank credit
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653 |
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|a Macroeconomics
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653 |
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|a Banking
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653 |
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|a Central Banks and Their Policies
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653 |
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|a Macroprudential policy
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653 |
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|a Mutual funds
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653 |
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|a Money and Monetary Policy
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653 |
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|a Macroprudential policy instruments
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700 |
1 |
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|a Frost, Jon
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700 |
1 |
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|a Houben, Aerdt
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700 |
1 |
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|a Wierts, Peter
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041 |
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7 |
|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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490 |
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|a IMF Working Papers
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856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2016/094/001.2016.issue-094-en.xml?cid=43870-com-dsp-marc
|x Verlag
|3 Volltext
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082 |
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|a 330
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520 |
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|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
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