Friend or foe? The impact of macroprudential policy on economic growth

References

• Abou El Sood, H. 2012. “Loan Loss Provisioning and Income Smoothing in US Banks Pre and Post the Financial Crisis.” International Review of Financial Analysis 25:64–72. https://doi.org/10.1016/j.irfa.2012.06.007.
   Web of Science ®Google Scholar
• Aikman, D., J. Bridges, A. Kashyap, and C. Siegert. 2019. “Would Macroprudential Regulation Have Prevented the Last Crisis?” Journal of Economic Perspectives 33 (1): 107–130. https://doi.org/10.1257/jep.33.1.107.
   Web of Science ®Google Scholar
• Akinci, O., and J. Olmstead-Rumsey. 2018. “How effective are macroprudential policies? An empirical investigation.” Journal of Financial Intermediation 33:33–57. https://doi.org/10.1016/j.jfi.2017.04.001.
   Web of Science ®Google Scholar
• Alam, Z., M. A. Alter, J. Eiseman, M. R. Gelos, M. H. Kang, M. M. Narita, and N. Wang. 2019. “Digging Deeper-Evidence on the Effects of Macroprudential Policies from a New Database.” International Monetary Fund. Working Paper No. 2019/066.
   Google Scholar
• Alessi, L., and C. Detken. 2018. “Identifying Excessive Credit Growth and Leverage.” Journal of Financial Stability 35:215–225. https://doi.org/10.1016/j.jfs.2017.06.005.
   Web of Science ®Google Scholar
• Altunbas, Y., M. Binici, and L. Gambacorta. 2018. “Macroprudential Policy and Bank Risk.” Journal of International Money and Finance 81:203–220. https://doi.org/10.1016/j.jimonfin.2017.11.012.
   Web of Science ®Google Scholar
• Andrieş, A. M., F. Melnic, and N. Sprincean. 2021. “The Effects of Macroprudential Policies on Credit Growth.” European Journal of Finance 28 (10): 1–33. https://doi.org/10.1080/1351847X.2021.1939087.
   Web of Science ®Google Scholar
• Arellano, M., and S. Bond. 1991. “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations.” The Review of Economic Studies 58 (2): 277–297. https://doi.org/10.2307/2297968.
   Web of Science ®Google Scholar
• Bachmann, R., and S. K. Rüth. 2020. “Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Residential Loan‐To‐Value Ratios.” International Economic Review 61 (2): 503–530. https://doi.org/10.1111/iere.12432.
   Web of Science ®Google Scholar
• Belkhir, M., M. S. B. Naceur, B. Candelon, and J. C. Wijnandts. 2022. “Macroprudential Policies, Economic Growth, and Banking Crises.” Emerging Markets Review 53:100936. https://doi.org/10.1016/j.ememar.2022.100936.
   Web of Science ®Google Scholar
• Bergant, K., M. F. Grigoli, M. N. J. H. Hansen, and M. D. Sandri. 2020. “Dampening global financial shocks: can macroprudential regulation help (more than capital controls)?” International Monetary Fund 20 (106): WP/20/106. https://doi.org/10.5089/9781513547763.001.
   Google Scholar
• Bernier, M., and M. Plouffe. 2019. “Financial innovation, economic growth, and the consequences of macroprudential policies.” Research in Economics 73 (2): 162–173. https://doi.org/10.1016/j.rie.2019.04.003.
   Web of Science ®Google Scholar
• Blundell, R., and S. Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8.
   Web of Science ®Google Scholar
• Board, F. S. 2011. “Macroprudential Policy Tools and Frameworks: Update to G20 Finance Ministers and Central Bank Governors.” Accessed January 10, 2022. https://www.fsb.org/wp-content/uploads/r_1103.pdf.
   Google Scholar
• Boar, C., L. Gambacorta, G. Lombardo, and L. A. Pereira da Silva. 2017. “What are the Effects of Macroprudential Policies on Macroeconomic Performance?” BIS Quarterly Review. Accessed January 12, 2022. https://www.bis.org/publ/qtrpdf/r_qt1709g.htm.
   Google Scholar
• Bruno, V., I. Shim, and H. S. Shin. 2017. “Comparative assessment of macroprudential policies.” Journal of Financial Stability 28:183–202. https://doi.org/10.1016/j.jfs.2016.04.001.
   Web of Science ®Google Scholar
• Cerutti, E., S. Claessens, and L. Laeven. 2017. “The Use and Effectiveness of Macroprudential Policies: New Evidence.” Journal of Financial Stability 28:203–224. https://doi.org/10.1016/j.jfs.2015.10.004.
   Web of Science ®Google Scholar
• Claessens, S. 2015. “An Overview of Macroprudential Policy Tools.” Annual Review of Financial Economics 7 (1): 397–422. https://doi.org/10.1146/annurev-financial-111914-041807.
   Google Scholar
• Claessens, S., S. R. Ghosh, and R. Mihet. 2013. “Macro-Prudential Policies to Mitigate Financial System Vulnerabilities.” Journal of International Money and Finance 39:153–185. https://doi.org/10.1016/j.jimonfin.2013.06.023.
   Web of Science ®Google Scholar
• Davis, E. P., D. Karim, and D. Noel. 2022. “The Effects of Macroprudential Policy on banks’ Profitability.” International Review of Financial Analysis 80:101989. https://doi.org/10.1016/j.irfa.2021.101989.
   Web of Science ®Google Scholar
• Dell’ariccia, G., D. O. Igan, L. Laeven, H. Tong, B. B. Bakker, J. Vandenbussche, and O. J. Blanchard. 2012. “Policies for Macrofinancial Stability: How to Deal with Credit Booms.” IMF Staff Discussion Notes. Accessed December 25, 2021. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2016/12/31/Policies-for-Macrofinancial-Stability-How-to-Deal-with-Credit-Booms-25935 .
   Google Scholar
• Galac, T., and E. Kraft. 2011. “Macroprudential Regulation of Credit Booms and Busts–The Case of Croatia.” World Bank Policy Research Working Paper, 5772.
   Google Scholar
• Galán, J. E. 2020. “The Benefits are at the Tail: Uncovering the Impact of Macroprudential Policy on Growth-At-Risk.” Journal of Financial Stability 100831:100831. https://doi.org/10.1016/j.jfs.2020.100831.
   Google Scholar
• Galati, G., and R. Moessner. 2013. “Macroprudential Policy–A Literature Review.” Journal of Economic Surveys 27 (5): 846–878. https://doi.org/10.1111/j.1467-6419.2012.00729.x.
   Web of Science ®Google Scholar
• Gambacorta, L., and A. Murcia. 2020. “The Impact of Macroprudential Policies in Latin America: An Empirical Analysis Using Credit Registry Data.” Journal of Financial Intermediation 42:100828. https://doi.org/10.1016/j.jfi.2019.04.004.
   Web of Science ®Google Scholar
• Harnphattananusorn, S., and T. Puttitanun. 2021. “Generation Gap and Its Impact on Economic Growth.” Heliyon 7 (6): e07160. https://doi.org/10.1016/j.heliyon.2021.e07160.
   PubMed Web of Science ®Google Scholar
• Hassan, M. K., B. Sanchez, and J. S. Yu. 2011. “Financial development and economic growth: New evidence from panel data.” The Quarterly Review of Economics & Finance 51 (1): 88–104. https://doi.org/10.1016/j.qref.2010.09.001.
   Google Scholar
• International Monetary Fund, 2018. The Imf’s Annual Macroprudential Policy Survey— Objectives, Design, and Country Responses. Accessed January 13, 2022. <https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/04/30/pp043018-imf-annual-macroprudential-policy-survey>.
   Google Scholar
• Kim, S., and A. N. Mehrotra. 2017. “Effects of Monetary and Macro-Prudential Policies–Evidence from Inflation Targeting Economies in the Asia-Pacific Region and Potential Implications for China.” BOFIT Discussion Paper, No. 4/2017.
   Google Scholar
• Lim, C. H., A. Costa, F. Columba, P. Kongsamut, A. Otani, M. Saiyid, and X. Wu. 2011. “Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences.” IMF Working Paper, WP/11/238.
   Google Scholar
• Luangaram, P., and A. Thepmongkol. 2022. “Loan-To-Value Policy in a Bubble-Creation Economy.” Journal of Asian Economics 79:101433. https://doi.org/10.1016/j.asieco.2021.101433.
   Web of Science ®Google Scholar
• Ma, C. 2020. “Financial Stability, Growth and Macroprudential Policy.” Journal of International Economics 122:103259. https://doi.org/10.1016/j.jinteco.2019.103259.
   Web of Science ®Google Scholar
• Meuleman, E., and R. Vander Vennet. 2020. “Macroprudential policy and bank systemic risk.” Journal of Financial Stability 47:100724. https://doi.org/10.1016/j.jfs.2020.100724.
   Web of Science ®Google Scholar
• Nakatani, R. 2020. “Macroprudential Policy and the Probability of a Banking Crisis.” Journal of Policy Modeling 42 (6): 1169–1186. https://doi.org/10.1016/j.jpolmod.2020.05.007.
   PubMed Web of Science ®Google Scholar
• Nguyen, H. M., Q. T. T. Le, C. M. Ho, T. C. Nguyen, and D. H. Vo. 2021. “Does Financial Development Matter for Economic Growth in the Emerging Markets?” Borsa Istanbul Review 22 (4): 688–698. https://doi.org/10.1016/j.bir.2021.10.004.
   Web of Science ®Google Scholar
• Rancière, R., A. Tornell, and F. Westermann. 2008. “Systemic Crises and Growth.” Quarterly Journal of Economics 123 (1): 359–406. https://doi.org/10.1162/qjec.2008.123.1.359.
   Web of Science ®Google Scholar
• Richter, B., M. Schularick, and I. Shim. 2019. “The Costs of Macroprudential Policy.” Journal of International Economics 118:263–282. https://doi.org/10.1016/j.jinteco.2018.11.011.
   Web of Science ®Google Scholar
• Saha, M., and K. D. Dutta. 2021. “Does Governance Quality Enhance the Efficacy of Macroprudential Policy?” Economics Letters 204:109886. https://doi.org/10.1016/j.econlet.2021.109886.
   Web of Science ®Google Scholar
• Sanchez-Robles, B. 1998. “Macroeconomic Stability and Economic Growth: The Case of Spain.” Applied Economics Letters 5 (9): 587–591. https://doi.org/10.1080/758529505.
   Web of Science ®Google Scholar
• Sánchez, A. C., and O. Röhn. 2016. “How Do Policies Influence GDP Tail Risks?.” OECD Economics Department Working Papers. No. 1339.
   Google Scholar
• Saporta, V. 2009. “The Role of Macroprudential Policy.” Bank of England Discussion Paper.
   Google Scholar
• Ullah, S., P. Akhtar, and G. Zaefarian. 2018. “Dealing with Endogeneity Bias: The Generalized Method of Moments (GMM) for Panel Data.” Industrial Marketing Management 71:69–78. https://doi.org/10.1016/j.indmarman.2017.11.010.
   Web of Science ®Google Scholar
• Wong, T. C., T. Fong, K. F. Li, and H. Choi. 2011. “Loan-To-Value Ratio as a Macroprudential Tool-Hong Kong’s Experience and Cross-Country Evidence.” Hong Kong Monetary Authority Working Papers 1101.
   Google Scholar
• Zhang, M. L., and M. E. Zoli. 2016. “Leaning Against the Wind: Macroprudential Policy in Asia.” Journal of Asian Economics 42:33–52. https://doi.org/10.1016/j.asieco.2015.11.001.
   Web of Science ®Google Scholar