Jiménez, GabrielOngena, StevenPeydró, José-LuisSaurina, JesúsUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142012-06-01Journal of Political Economy 2017, 125:6 , 2126-77http://hdl.handle.net/10230/19851To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning, which implies pro-cyclical bank capital regulation. Introduced in Spain in 2000, revised four times and tested in its counter-cyclicality during the crisis, it affected banks differentially. Accessing an exhaustive credit register, we find that dynamic provisioning smooths credit supply cycles and, in bad times, supports firm performance. A policy-induced one-percentage point (pp) increase in capital buffers extends credit to firms by 9 pp, increasing firm employment (6 pp) and survival (1 pp). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by non-regulated and regulated-but-less-affected banks.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsMacroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">bank capital</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">dynamic provisioning</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">credit availability</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">financial crisis.</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Finance and Accounting</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Macroeconomics and International Economics</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Labour, Public, Development and Health Economics</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>