The impact of macroprudential policies in Latin America: An empirical analysis using credit registry data |
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| Affiliation: | 1. Bank for International Settlements and CEPR, Centralbahnplatz 2, 4002 Basel, Switzerland;2. Banco de la República, Colombia;1. Federal Reserve Bank of New York, 33 Liberty Street, NY 10045, USA;2. Department of Economics, Northwestern University, IL 60208, USA;1. Cass Business School, London, United Kingdom;2. CEPR, United Kingdom;3. Bank for International Settlements, Basel, Switzerland;1. Federal Reserve Bank of Philadelphia, Ten Independence Mall, Philadelphia, PA 19106, USA;2. Board of Governors of the Federal Reserve System, 20th and C Street N.W., Washington, DC 20551, USA |
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| Abstract: | This paper summarises the results of a joint research project by five central banks in Latin America countries (Argentina, Brazil, Colombia, Mexico and Peru) to evaluate the effectiveness of macroprudential tools and their interaction with monetary policy. Using meta-analysis techniques, we summarise the results of a common empirical framework based on confidential bank-loan data. The main conclusions are that (i) macroprudential policies have been quite effective in stabilising credit cycles. The propagation of the effects to credit growth is more rapid for policies aimed at curbing the cycle than for policies aimed at fostering resilience; and (ii) macroprudential tools have a greater effect on credit growth when reinforced by the use of monetary policy. |
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