Finance, growth and (macro) prudential policy: European evidence

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F22%3A10249820" target="_blank" >RIV/61989100:27510/22:10249820 - isvavai.cz</a>

Výsledek na webu

<a href="https://link.springer.com/content/pdf/10.1007/s10663-022-09537-w.pdf" target="_blank" >https://link.springer.com/content/pdf/10.1007/s10663-022-09537-w.pdf</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1007/s10663-022-09537-w" target="_blank" >10.1007/s10663-022-09537-w</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Finance, growth and (macro) prudential policy: European evidence

Popis výsledku v původním jazyce

This paper examines the interactions between financial development, economic growth and (macro) prudential policy on a sample of 12 euro area countries. Our main takeaway is that active (macro) prudential policy supports the positive finance-growth nexus instead of disrupting it. These benefits are found to be more likely to materialize during tightening of (macro) prudential policy measures and not during easing. This result is conditional on the ability of (macro) prudential policy to curb excess credit growth and mitigate systemic risk, which would otherwise disrupt the market. Moreover, we assert that when analysing the effects of (macro) prudential policy, it is important to account for the direction of (macro) prudential measures, not just for the frequency at which they are implemented.

Název v anglickém jazyce

Finance, growth and (macro) prudential policy: European evidence

Popis výsledku anglicky

This paper examines the interactions between financial development, economic growth and (macro) prudential policy on a sample of 12 euro area countries. Our main takeaway is that active (macro) prudential policy supports the positive finance-growth nexus instead of disrupting it. These benefits are found to be more likely to materialize during tightening of (macro) prudential policy measures and not during easing. This result is conditional on the ability of (macro) prudential policy to curb excess credit growth and mitigate systemic risk, which would otherwise disrupt the market. Moreover, we assert that when analysing the effects of (macro) prudential policy, it is important to account for the direction of (macro) prudential measures, not just for the frequency at which they are implemented.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50200 - Economics and Business

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2022

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Empirica

ISSN

0340-8744

e-ISSN

1573-6911

Svazek periodika

49

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

35

Strana od-do

537-571

Kód UT WoS článku

000780784900001

EID výsledku v databázi Scopus

2-s2.0-85127585718