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Effectiveness of Macroprudential Policies in Developing Asia: An Empirical Analysis
Authors:Minsoo Lee  Ruben Carlo Asuncion  Jungsuk Kim
Affiliation:1. Economic Research and Regional Cooperation Department, Asian Development Bank, Metro Manila, Philippines;2. Institute of International and Area Studies, Sogang University, Mapo-gu, Seoul, Korea
Abstract:Before the 2008 global financial crisis, bank monitoring focused primarily on risks to individual institutions, or what are generally referred to as prudential risks. Regulators thus failed to consider that a buildup of macroeconomic risks and vulnerabilities could pose systemic risk to the financial sector. The global credit crisis showed the inadequacy of purely prudential surveillance systems and the need for bank supervisors to better detect the buildup of macroeconomic risks before they can threaten the financial system. This article presents an empirical framework for analyzing how effectively macroprudential policies control credit growth, leverage growth, and housing price appreciation. Two significant findings emerge. Broadly, macroprudential policies can indeed promote financial stability in Asia. More specifically, different types of macroprudential policies are proved effective for different types of macroeconomic risks.
Keywords:developing Asia  financial stability  macroprudential policy
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