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The Use and Effectiveness of Macroprudential Policies

8 Pages Posted: 5 Oct 2016  

Eugenio Cerutti

Johns Hopkins University; International Monetary Fund (IMF)

Stijn Claessens

Bank for International Settlements; University of Amsterdam - Finance Group; Centre for Economic Policy Research (CEPR); Tinbergen Institute; European Corporate Governance Institute (ECGI)

Luc Laeven

European Central Bank (ECB); Centre for Economic Policy Research (CEPR)

Date Written: September 2016

Abstract

Macroprudential policies − such as caps on loan-to-value and debt-to-income ratios, limits on credit growth and other balance sheet restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies − have become part of the policy paradigm in emerging markets and advanced countries alike. A growing literature has documented the use of macroprudential policies across countries and analysed their effects (eg Brunnermeier, Goodhart, Crocket, Persaud and Shin (2009), CGFS (2012), IMF (2013), ESRB (2014), Galati and Moessner (2014), Freixas, Laeven and Peydró (2015) and Claessens (2015)).

Full publication: Macroprudential Policy

Suggested Citation

Cerutti, Eugenio and Claessens, Stijn and Laeven, Luc, The Use and Effectiveness of Macroprudential Policies (September 2016). BIS Paper No. 86n. Available at SSRN: https://ssrn.com/abstract=2844271

Eugenio Cerutti (Contact Author)

Johns Hopkins University ( email )

Baltimore, MD 21218
United States

International Monetary Fund (IMF) ( email )

700 19th Street N.W.
Washington, DC 20431
United States

Stijn Claessens

Bank for International Settlements ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

University of Amsterdam - Finance Group ( email )

Roetersstraat 18
Amsterdam, 1018 WB
Netherlands
+31 20 525 6020 (Phone)
+31 20 525 5285 (Fax)

HOME PAGE: http://www.fee.uva.nl/fm/index.htm

Centre for Economic Policy Research (CEPR)

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

Tinbergen Institute

Burg. Oudlaan 50
Rotterdam, 3062 PA
Netherlands

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Luc Laeven

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Centre for Economic Policy Research (CEPR)

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

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