TY  - BOOK
AU  - Tressel,Thierry
AU  - Zhang,Yuanyan Sophia
TI  - Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area 
T2  - IMF working paper
SN  - 1513564374
AV  - HG3810 .I45 2015
U1  - 332/.45 23/eng/20221209
PY  - 2016///]
CY  - [Washington, D.C.]
PB  - International Monetary Fund
KW  - Financial risk management
KW  - European Union countries
KW  - Econometric models
KW  - Bank capital
KW  - Bank loans
KW  - Electronic books
N1  - Includes bibliographical references (pages 30-32); Cover -- CONTENTS -- ABSTRACT -- I. INTRODUCTION -- II. LITERATURE -- III. METHODOLOGY AND DATA -- A. Data -- B. Framework -- C. Methodology -- IV. EMPIRICAL RESULTS -- A. The Impact of Shocks to Banks' Balance Sheets on Credit and House Prices -- B. The Impact of Balance Sheet Factors on Price and Non-Price Lending Standard -- C. Interactions Between Monetary Policy and LTV Set by the Banking System -- D. Evidence from Panel VARs -- V. CONCLUSIONS -- VI. REFERENCES -- FIGURES -- 1. The Eurosystem Bank Lending Survey -- 2. Cumulative Net Tightening of LTVs since 2003/1 -- 3. Evolution of Price and non-Price Lending Standard, By Country -- 4. Impulse-Responses of the Panel VAR Analysis -- TABLES -- 1. Pairwise Correlation Among Components of Lending Standards and Credit Demand -- 2. Impact of Balance Sheet Contributions of Lending on Mortgage Loan Growth and on House Price Appreciation -- 3. Impact of Balance Sheet Factors on Price and non-Price Components of Lending Standards for Mortgage -- 4. Impact of Balance Sheet Factors on Price and non-Price Components of Lending Standards for Mortgage -- 5. Lending Standards and Mortgage Loan Growth -- 6. Lending Standards and House Price Appreciation -- 7. Interaction Between Monetary Policy and Lending Standards
N2  - The crisis has highlighted the importance of setting up macro-prudential oversightframeworks, having effective macro-prudential instruments in place to be called upon tomitigate growing financial imbalances as needed. We develop a new approach using the euroarea Bank Lending Survey to assess the effectiveness of macro-prudential policies incontaining credit growth and house price appreciation in mortgage markets. We findinstruments targeting the cost of bank capital most effective in slowing down mortgage creditgrowth, and that the impact is transmitted mainly through price margins, the same b
UR  - https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1254356
ER  -