Macroprudential and monetary policies: The need to dance the Tango in harmony
| Autor: | Florian Pradines-Jobet, Yannick Lucotte, Jose David Garcia Revelo |
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| Přispěvatelé: | Laboratoire d'Économie d'Orleans [2004-2006] (LEO), Université d'Orléans (UO)-Centre National de la Recherche Scientifique (CNRS), Paris School of Business (PSB), Laboratoire d'Économie d'Orleans [FRE2014] (LEO), Université d'Orléans (UO)-Université de Tours (UT)-Centre National de la Recherche Scientifique (CNRS) |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
Harmony (color) 050208 finance Financial stability Dance 05 social sciences Monetary policy Sample (statistics) Monetary economics [SHS.ECO]Humanities and Social Sciences/Economics and Finance [SHS]Humanities and Social Sciences 0502 economics and business 8. Economic growth Economics 050207 economics Finance ComputingMilieux_MISCELLANEOUS |
| Zdroj: | Journal of International Money and Finance Journal of International Money and Finance, Elsevier, 2020, 108, pp.102156-. ⟨10.1016/j.jimonfin.2020.102156⟩ Journal of International Money and Finance, Elsevier, 2020, 108, pp.102156. ⟨10.1016/j.jimonfin.2020.102156⟩ |
| ISSN: | 0261-5606 |
| DOI: | 10.1016/j.jimonfin.2020.102156⟩ |
| Popis: | Considering a sample of 37 emerging and advanced economies from 2000Q1 to 2014Q4, we empirically assess how effective macroprudential policies are in curbing domestic credit growth, and whether their effectiveness is affected by monetary policy conditions. We obtain three important results. First our findings suggest in line with previous research that an overall tightening in macroprudential policies is associated with a reduction in credit growth. Second, we show that a restrictive monetary policy enhances the impact of macroprudential tightening on credit growth. Third, our results seem to suggest that monetary policy helps to reduce the transmission delay of macroprudential policy actions. Consequently our results confirm the need for coordination between the two policies. |
| Databáze: | OpenAIRE |
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