Artikel

The impact of macroprudential policy on credit growth in nine euro area economies

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In this paper, we investigate the impact of macroprudential policy measures (bundled together into a macroprudential policy index, MPI) on the non-financial corporate sector credit and household credit growth using a one-step system GMM empirical research method. The goal of our paper is to test whether contractionary macroprudential policy stymies credit growth rate and whether expansionary macroprudential policy spurs credit growth rate in selected Euro Area economies (Austria, Belgium, Finland, Germany, Ireland, Italy, Netherlands, Slovenia, and Spain) over the period 2008Q4-2018Q4. We test two hypotheses: H1: The tightening of macroprudential policy measures reduces the non-financial corporate sector credit growth rate, and H2: The tightening of macroprudential policy measures reduces the growth rate of household credit. Based on our empirical results, we can confirm the first hypothesis. In contrast, the second hypothesis can be neither confirmed nor rejected since the explanatory variable of interest (MPI) is statistically insignificant in the second model.

Sprache
Englisch

Erschienen in
Journal: Naše gospodarstvo / Our Economy ; ISSN: 2385-8052 ; Volume: 69 ; Year: 2023 ; Issue: 2 ; Pages: 1-14

Klassifikation
Wirtschaft
Central Banks and Their Policies
Financial Institutions and Services: Government Policy and Regulation
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Financial Markets and the Macroeconomy
Thema
Macroprudential policy
Systemic risk
Financial stability
Dynamic panel data
One-step system GMM

Ereignis
Geistige Schöpfung
(wer)
Lorenčič, Eva
Volčjak, Robert
Festić, Mejra
Ereignis
Veröffentlichung
(wer)
Sciendo
(wo)
Warsaw
(wann)
2023

DOI
doi:10.2478/ngoe-2023-0007
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
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Objekttyp

  • Artikel

Beteiligte

  • Lorenčič, Eva
  • Volčjak, Robert
  • Festić, Mejra
  • Sciendo

Entstanden

  • 2023

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