Public Sector Economics, Vol. 42 No. 1, 2018.
Izvorni znanstveni članak
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
Sažetak
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.
Ključne riječi
macroprudential policy; financial stability; credit growth; systemic risk; CEE countries
Hrčak ID:
195242
URI
Datum izdavanja:
8.3.2018.
Posjeta: 1.502 *