Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database

Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database

This paper introduces a comprehensive database of macroprudential policies, which covers 134 countries from January 1990. Using a novel numerical indicator of the tightness of loan‐to‐value (LTV) regulations, we estimate the policy effects of incremental tightening in LTV limits, employing a propens...

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Veröffentlicht in:Journal of money, credit and banking credit and banking, 2024-01
Hauptverfasser: ALAM, ZOHAIR, ALTER, ADRIAN, EISEMAN, JESSE, GELOS, GASTON, KANG, HEEDON, NARITA, MACHIKO, NIER, ERLEND, WANG, NAIXI
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container_title Journal of money, credit and banking
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creator ALAM, ZOHAIR
ALTER, ADRIAN
EISEMAN, JESSE
GELOS, GASTON
KANG, HEEDON
NARITA, MACHIKO
NIER, ERLEND
WANG, NAIXI
description This paper introduces a comprehensive database of macroprudential policies, which covers 134 countries from January 1990. Using a novel numerical indicator of the tightness of loan‐to‐value (LTV) regulations, we estimate the policy effects of incremental tightening in LTV limits, employing a propensity score–based method to address endogeneity concerns. The results point to economically significant and nonlinear effects on household credit, with a declining per‐unit impact for larger tightening measures. The analysis indicates that policy leakage effects could be a factor behind the nonlinear effects. We finally find that the side effects of macroprudential policies on consumption and output are relatively small.
doi_str_mv 10.1111/jmcb.13130
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title Digging Deeper—Evidence on the Effects of Macroprudential Policies from a New Database
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