tends to be tightened when credit expands. The main empirical results from the analysis, which uses panel vector … autoregression models, are that contractionary macroprudential policy has significant negative effects on credit and output; and that … potential policy conflicts when credit conditions are excessive and the economy is in recession. …

In this paper, we investigate the degree of real economic interdependence between emerging Asia and major industrial … countries to shed light on the heated debate over the "decoupling" of emerging Asia. We first document the evolution of …, the reverse is also true. Output shocks from emerging Asia (and the People's Republic of China [PRC]) have a significant …