Macroprudential Policies in Southeastern Europe PDF (Adobe DRM) download by Dilyana Dimova

Macroprudential Policies in Southeastern Europe

INTERNATIONAL MONETARY FUND
Publication date: February 2016
ISBN: 9781498343299
Digital Book format: PDF (Adobe DRM)

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This paper presents a detailed account of the rich set of macroprudential measures taken in four Southeastern European countries-Bulgaria, Croatia, Romania, and Serbia-during their synchronized boom and bust cycles in 2003-12, and assesses their effectiveness. We find that only strong measures helped contain domestic credit growth, the share of foreigncurrency- denominated loans provided by the domestic banking sector, or the domestic banking sector's reliance on foreign borrowing during the boom years. We also find that circumvention via direct external borrowing often fully offset the effectiveness of these strict measures, and thatmeasures taken during the bust had no discernible impact. We conclude that (i) proper calibration of macroprudential measures is of the essence; (ii) only strong, broad-based macroprudential measures can contain credit booms; (iii) econometric studies of macroprudential policy effectiveness should focus on measures rather than on instruments (i.e. classes of measures) and in so doing allow for possible non-linear and state-contingent effects.
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Macroprudential Policies in Southeastern Europe PDF (Adobe DRM) download by Dilyana Dimova
INTERNATIONAL MONETARY FUND, February 2016
ISBN: 9781498343299
EAN:  9781498343299
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99
Macroprudential Policies in Southeastern Europe ePub (Adobe DRM) download by Dilyana Dimova
INTERNATIONAL MONETARY FUND, February 2016
ISBN: 9781498343091
EAN:  9781498343091
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99