Abstract

https://ssrn.com/abstract=2844271
 


 



The Use and Effectiveness of Macroprudential Policies


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)

September 2016

BIS Paper No. 86n

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

Number of Pages in PDF File: 8


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Date posted: October 5, 2016  

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

Contact Information

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 A. 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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