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Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our...
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Reserve requirements, as a tool of macroprudential policy, have been increasingly employed since the outbreak of the great financial crisis. We conduct an analysis of the effect of reserve requirements in tranquil and crisis times on credit and GDP growth making use of Bayesian model averaging...
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We leverage a ‘catch-all' measure of financial innovation – research and development spending in the financial sector … – to assess the net relationship between financial innovation and economic growth and evaluate the influence of …-positive relationship between financial innovation and gross capital formation. We find no evidence of a net-negative impact of financial …
Persistent link: https://www.econbiz.de/10012871971
We study an economy with a high degree of financialization in which (non-financial) firms need loans from commercial banks to finance production, service debt, and make long-term investments. Along the business cycle, the economy follows Minskyan dynamics with firms traversing various stages of...
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All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for...
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The presentation discusses the paper "The impact of macroprudential policies on industrial growth" by Carlos Madeira from the Central Bank of Chile, highlighting its merits and areas for further research
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