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Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies

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  • Fendoğlu, Salih

Abstract

I assess the effectiveness of macroprudential policy tools in containing credit cycles per se or the impact of portfolio inflows on the cycles in major emerging market economies. The results show that borrower-based tools, measures with a domestic focus, and domestic reserve requirements are particularly effective. The findings are, in most cases, stronger for the recent period during which most of the macroprudential actions are undertaken, and generally hold for alternative definitions of credit cycle, the monetary policy stance, and portfolio inflows. Weaker results emerge for financial-institutions-based or foreign-currency related macroprudential tools.

Suggested Citation

  • Fendoğlu, Salih, 2017. "Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies," Journal of Banking & Finance, Elsevier, vol. 79(C), pages 110-128.
  • Handle: RePEc:eee:jbfina:v:79:y:2017:i:c:p:110-128
    DOI: 10.1016/j.jbankfin.2017.03.008
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    7. Victor Pontines, 2021. "The real effects of loan-to-value limits: empirical evidence from Korea," Empirical Economics, Springer, vol. 61(3), pages 1311-1350, September.
    8. De Schryder, Selien & Opitz, Frederic, 2021. "Macroprudential policy and its impact on the credit cycle," Journal of Financial Stability, Elsevier, vol. 53(C).
    9. Norring, Anni, 2019. "Macroprudential policy spillovers and international banking - Taking the gravity approach," ESRB Working Paper Series 101, European Systemic Risk Board.
    10. Salih Fendoglu, 2016. "Credit cycles and macroprudential policy framework in emerging countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 17-25, Bank for International Settlements.
    11. Valdivia Coria, Joab Dan & Valdivia Coria, Daney David, 2018. "Leaning Against the Wind: Efectos de la Política Macroprudencial en el Crecimiento Sectorial [Leaning Against the Wind: Effects of Macroprudential Policy on Sectoral Growth]," MPRA Paper 93441, University Library of Munich, Germany.
    12. Yavuz Arslan and Christian Upper, 2017. "Macroprudential frameworks: implementation and effectiveness," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential frameworks, implementation and relationship with other policies, volume 94, pages 25-47, Bank for International Settlements.
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    14. Victor Pontines, 0. "The real effects of loan-to-value limits: empirical evidence from Korea," Empirical Economics, Springer, vol. 0, pages 1-40.
    15. Klaus Schmidt-Hebbel, 2019. "Macroeconomic Institutions: Lessons from World Experience for MENA Countries," Working Papers 1311, Economic Research Forum, revised 21 Aug 2019.
    16. Dimitris Mokas & Massimo Giuliodori, 2021. "Effects of LTV announcements in EU economies," DNB Working Papers 704, Netherlands Central Bank, Research Department.
    17. Bergant, Katharina & Grigoli, Francesco & Hansen, Niels-Jakob & Sandri, Damiano, 2020. "Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?," CEPR Discussion Papers 14948, C.E.P.R. Discussion Papers.

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    More about this item

    Keywords

    Credit cycles; Capital flows; Macroprudential policies; Reserve requirements; Emerging market economies.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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