Macroprudential policies,economic growth and banking crises |
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| Affiliation: | 1. OFI Asset Management, 22, rue Vernier, 75017 Paris, France;2. University of Grenoble Alps – CERAG, 150, rue de la Chimie, 38400 Saint Martin d''Hères, France;1. Business School, Universidad Católica de la Santísima Concepción, Alonso de Ribera 2850, Concepción, Chile;2. Business School, Middlesex University London, The Burroughs, Hendon, London NW4 4BT, United Kingdom;3. Birmingham Business School, University of Birmingham, Edgbaston, Birmingham, B15 2TT, United Kingdom;4. Monetary Policy and Economic Analysis Department, National Bank of Ukraine, Kyiv, Ukraine;5. Department of Economics, National University of Ostroh Academy, Ostroh, Ukraine;1. Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China;2. Research Institute of Economics and Management, Collaborative Innovation Center of Financial Security, Southwestern University of Finance and Economics, Chengdu, China;1. LASTIC, École Supérieure Africaine des Technologies de l''Information et de la Communication, Abidjan, Côte D''Ivoire;2. LaST, Université Thomas SANKARA, Ouagadougou, Burkina Faso;3. LANIBIO, Université Joseph KI-ZERBO, Ouagadougou, Burkina Faso;4. EMS, Université Paris 1 Panthéon-Sorbonne, Paris, France;1. Federal Reserve Bank of New York, 33 Liberty Street, NY 10045, USA;2. Department of Economics, Northwestern University, IL 60208, USA |
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| Abstract: | Using a sample covering emerging market and advanced economies, we assess the impact of macroprudential policies on financial stability. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macroprudential policies (MPPs) exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. It turns out that mitigating effects of MPPs on the likelihood of banking crises is more pronounced in emerging market economies relative to advanced economies. |
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| Keywords: | Macroprudential policies Banking crises Economic growth C33 G01 G18 |
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