Global financial cycle, household credit, and macroprudential policies
Mostra el registre complet Registre parcial de l'ítem
- dc.contributor.author Epure, Mircea
- dc.contributor.author Mihai, Irina
- dc.contributor.author Minoiu, Camelia
- dc.contributor.author Peydró, José-Luis
- dc.date.accessioned 2022-02-15T13:25:48Z
- dc.date.available 2022-02-15T13:25:48Z
- dc.date.issued 2021-09-04
- dc.description.abstract We show that macroprudential policies dampen the impact of global financial conditions on local credit cycles. For identification, we exploit exogenous variation in the U.S. VIX and household and business credit registers in a small open economy, where banks depend on foreign funding and macroprudential measures vary over a full boom-bust cycle. When the VIX is low, tighter macroprudential policies (i) reduce household lending, notably for riskier (FX and high DSTI) loans and by banks dependent on foreign funding, (ii) increase local currency lending to real-estate firms, and (iii) dampen house prices and economic activity in areas with higher FX-loans.ca
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/52494
- dc.language.iso engca
- dc.relation.ispartofseries Economics and Business Working Papers Series;1590
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.keyword Macroprudential policiesen
- dc.subject.keyword Global financial cycleen
- dc.subject.keyword Boom-bust credit cycleen
- dc.subject.keyword Household and business crediten
- dc.subject.keyword Foreign fundingen
- dc.subject.keyword Banksen
- dc.title Global financial cycle, household credit, and macroprudential policiesca
- dc.type info:eu-repo/semantics/workingPaperca