Effectiveness of macroprudential policies in Central and Eastern European countries (CROSBI ID 257684)
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Podaci o odgovornosti
Dumičić, MIrna
engleski
Effectiveness of macroprudential policies in Central and Eastern European countries
This paper extends the available datasets on the use of macroprudential policies in CEE countries, and provides an econometric assessment of the effectiveness of these policies in mitigating financial stability risks associated with excessive credit growth before the global financial crisis. The model results imply that macroprudential policies were more effective in slowing credit to households than credit to the non-financial corporate sector, mainly because the latter had access to nonbank and cross-border credit in addition to domestic bank credit.
macroprudential policy ; financial stability ; credit growth ; systemic risk ; CEE countries
This work has been fully supported by Croatian Science Foundation under the project STatistical Modelling for REspoNse to Crisis and Economic GrowTH in WeStern Balkan Countries -STRENGTHS (project no. HRZZ-IP-2013-11-9402)
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