The Use and Effectiveness of Macroprudential Policies

8 Pages Posted: 5 Oct 2016

See all articles by Eugenio Cerutti

Eugenio Cerutti

International Monetary Fund (IMF); Johns Hopkins University

Stijn Claessens

Bank for International Settlements (BIS)

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 A., 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)

International Monetary Fund (IMF) ( email )

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

Johns Hopkins University ( email )

Baltimore, MD 21218
United States

Stijn Claessens

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

Luc A. Laeven

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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