Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates

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 characteristic...

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Bibliographic Details
Main Author: Araujo, Juliana
Other Authors: Patnam, Manasa, Popescu, Adina, Valencia, Fabian
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2020
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates  |c Juliana Araujo, Manasa Patnam, Adina Popescu, Fabian Valencia, Weijia Yao 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2020 
300 |a 48 pages 
651 4 |a Greenland 
653 |a Economic policy 
653 |a Depository Institutions 
653 |a Consumer credit 
653 |a Credit 
653 |a Real Estate 
653 |a Banks 
653 |a Financial sector policy and analysis 
653 |a Monetary economics 
653 |a Housing Supply and Markets 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a Micro Finance Institutions 
653 |a Financial Aspects of Economic Integration 
653 |a Housing; Prices 
653 |a Mortgages 
653 |a Money 
653 |a Property & real estate 
653 |a Financial Markets and the Macroeconomy 
653 |a Prices 
653 |a Macroeconomics 
653 |a Macroprudential policy 
653 |a Money and Monetary Policy 
653 |a Macroprudential policy instruments 
653 |a Housing prices 
700 1 |a Patnam, Manasa 
700 1 |a Popescu, Adina 
700 1 |a Valencia, Fabian 
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989 |b IMF  |a International Monetary Fund 
490 0 |a IMF Working Papers 
028 5 0 |a 10.5089/9781513545400.001 
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520 |a 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