Original scientific paper

https://doi.org/10.3326/pse.42.1.1

Effectiveness of macroprudential policies in Central and Eastern European countries

Mirna Dumičić ; Croatian National Bank, Zagreb, Croatia

Abstract

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.

Keywords

macroprudential policy; financial stability; credit growth; systemic risk; CEE countries

Hrčak ID:

195242

URI

https://hrcak.srce.hr/195242

Publication date:

8.3.2018.

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