Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area
ΡΠ½Π². 2016β―Π³. Β· International Monetary Fund
ΠΠ»Π΅ΠΊΡΡΠΎΠ½Π½Π°Ρ ΠΊΠ½ΠΈΠ³Π°
32
ΠΠΎΠ»ΠΈΡΠ΅ΡΡΠ²ΠΎ ΡΡΡΠ°Π½ΠΈΡ
reportΠΡΠ΅Π½ΠΊΠΈ ΠΈ ΠΎΡΠ·ΡΠ²Ρ Π½Π΅ ΠΏΡΠΎΠ²Π΅ΡΠ΅Π½Ρ. ΠΠΎΠ΄ΡΠΎΠ±Π½Π΅Π΅β¦
ΠΠ± ΡΠ»Π΅ΠΊΡΡΠΎΠ½Π½ΠΎΠΉ ΠΊΠ½ΠΈΠ³Π΅
The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.
ΠΡΠ΅Π½ΠΈΡΠ΅ ΡΠ»Π΅ΠΊΡΡΠΎΠ½Π½ΡΡ ΠΊΠ½ΠΈΠ³Ρ
ΠΠΎΠ΄Π΅Π»ΠΈΡΠ΅ΡΡ Ρ Π½Π°ΠΌΠΈ ΡΠ²ΠΎΠΈΠΌ ΠΌΠ½Π΅Π½ΠΈΠ΅ΠΌ.
ΠΠ΄Π΅ ΡΠΈΡΠ°ΡΡ ΠΊΠ½ΠΈΠ³ΠΈ
Π‘ΠΌΠ°ΡΡΡΠΎΠ½Ρ ΠΈ ΠΏΠ»Π°Π½ΡΠ΅ΡΡ
Π£ΡΡΠ°Π½ΠΎΠ²ΠΈΡΠ΅ ΠΏΡΠΈΠ»ΠΎΠΆΠ΅Π½ΠΈΠ΅ Google Play ΠΠ½ΠΈΠ³ΠΈ Π΄Π»Ρ Android ΠΈΠ»ΠΈ iPad/iPhone. ΠΠ½ΠΎ ΡΠΈΠ½Ρ
ΡΠΎΠ½ΠΈΠ·ΠΈΡΡΠ΅ΡΡΡ Ρ Π²Π°ΡΠΈΠΌ Π°ΠΊΠΊΠ°ΡΠ½ΡΠΎΠΌ Π°Π²ΡΠΎΠΌΠ°ΡΠΈΡΠ΅ΡΠΊΠΈ, ΠΈ Π²Ρ ΡΠΌΠΎΠΆΠ΅ΡΠ΅ ΡΠΈΡΠ°ΡΡ Π»ΡΠ±ΠΈΠΌΡΠ΅ ΠΊΠ½ΠΈΠ³ΠΈ ΠΎΠ½Π»Π°ΠΉΠ½ ΠΈ ΠΎΡΠ»Π°ΠΉΠ½ Π³Π΄Π΅ ΡΠ³ΠΎΠ΄Π½ΠΎ.
ΠΠΎΡΡΠ±ΡΠΊΠΈ ΠΈ Π½Π°ΡΡΠΎΠ»ΡΠ½ΡΠ΅ ΠΊΠΎΠΌΠΏΡΡΡΠ΅ΡΡ
Π‘Π»ΡΡΠ°ΠΉΡΠ΅ Π°ΡΠ΄ΠΈΠΎΠΊΠ½ΠΈΠ³ΠΈ ΠΈΠ· Google Play Π² Π²Π΅Π±-Π±ΡΠ°ΡΠ·Π΅ΡΠ΅ Π½Π° ΠΊΠΎΠΌΠΏΡΡΡΠ΅ΡΠ΅.
Π£ΡΡΡΠΎΠΉΡΡΠ²Π° Π΄Π»Ρ ΡΡΠ΅Π½ΠΈΡ ΠΊΠ½ΠΈΠ³
Π§ΡΠΎΠ±Ρ ΠΎΡΠΊΡΡΡΡ ΠΊΠ½ΠΈΠ³Ρ Π½Π° ΡΠ°ΠΊΠΎΠΌ ΡΡΡΡΠΎΠΉΡΡΠ²Π΅ Π΄Π»Ρ ΡΡΠ΅Π½ΠΈΡ, ΠΊΠ°ΠΊ Kobo, ΡΠΊΠ°ΡΠ°ΠΉΡΠ΅ ΡΠ°ΠΉΠ» ΠΈ Π΄ΠΎΠ±Π°Π²ΡΡΠ΅ Π΅Π³ΠΎ Π½Π° ΡΡΡΡΠΎΠΉΡΡΠ²ΠΎ. ΠΠΎΠ΄ΡΠΎΠ±Π½ΡΠ΅ ΠΈΠ½ΡΡΡΡΠΊΡΠΈΠΈ ΠΌΠΎΠΆΠ½ΠΎ Π½Π°ΠΉΡΠΈ Π² Π‘ΠΏΡΠ°Π²ΠΎΡΠ½ΠΎΠΌ ΡΠ΅Π½ΡΡΠ΅.
