Effectiveness of macroprudential policies in Central and Eastern European countries
This paper extends the available datasets on the use of macroprudential policies in CEE countries, and provides an econometric assessment of the effectiveness of these policies in mitigating financial stability risks associated with excessive credit growth before the global financial crisis. The mod...
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| Format: | Article |
| Language: | English |
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Institute of Public Finance
2018-03-01
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| Series: | Public Sector Economics |
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| Online Access: |
http://www.pse-journal.hr/upload/files/pse/2018/1/dumicic.pdf
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| _version_ | 1818270953215361024 |
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| author | Mirna Dumicic |
| author_facet | Mirna Dumicic |
| author_sort | Mirna Dumicic |
| collection | DOAJ |
| description | This paper extends the available datasets on the use of macroprudential policies in CEE countries, and provides an econometric assessment of the effectiveness of these policies in mitigating financial stability risks associated with excessive credit growth before the global financial crisis. The model results imply that macroprudential policies were more effective in slowing credit to households than credit to the non-financial corporate sector, mainly because the latter had access to nonbank and cross-border credit in addition to domestic bank credit. |
| first_indexed | 2024-12-12T21:18:28Z |
| format | Article |
| id | doaj.art-14b0922d58ae4b34a341fbefa2899ae1 |
| institution | Directory Open Access Journal |
| issn | 2459-8860 |
| language | English |
| last_indexed | 2024-12-12T21:18:28Z |
| publishDate | 2018-03-01 |
| publisher | Institute of Public Finance |
| record_format | Article |
| series | Public Sector Economics |
| spelling | doaj.art-14b0922d58ae4b34a341fbefa2899ae12022-12-22T00:11:41ZengInstitute of Public FinancePublic Sector Economics2459-88602018-03-01424211910.3326/pse.42.1.12243Effectiveness of macroprudential policies in Central and Eastern European countriesMirna Dumicic0 Croatian National Bank, Zagreb, Croatia This paper extends the available datasets on the use of macroprudential policies in CEE countries, and provides an econometric assessment of the effectiveness of these policies in mitigating financial stability risks associated with excessive credit growth before the global financial crisis. The model results imply that macroprudential policies were more effective in slowing credit to households than credit to the non-financial corporate sector, mainly because the latter had access to nonbank and cross-border credit in addition to domestic bank credit. http://www.pse-journal.hr/upload/files/pse/2018/1/dumicic.pdf macroprudential policy; financial stability; credit growth; systemic risk; CEE countries |
| spellingShingle | Mirna Dumicic Effectiveness of macroprudential policies in Central and Eastern European countries Public Sector Economics macroprudential policy; financial stability; credit growth; systemic risk; CEE countries |
| title | Effectiveness of macroprudential policies in Central and Eastern European countries |
| title_full | Effectiveness of macroprudential policies in Central and Eastern European countries |
| title_fullStr | Effectiveness of macroprudential policies in Central and Eastern European countries |
| title_full_unstemmed | Effectiveness of macroprudential policies in Central and Eastern European countries |
| title_short | Effectiveness of macroprudential policies in Central and Eastern European countries |
| title_sort | effectiveness of macroprudential policies in central and eastern european countries |
| topic | macroprudential policy; financial stability; credit growth; systemic risk; CEE countries |
| url |
http://www.pse-journal.hr/upload/files/pse/2018/1/dumicic.pdf
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| work_keys_str_mv | AT mirnadumicic effectivenessofmacroprudentialpoliciesincentralandeasterneuropeancountries |