Research on the Effectiveness of Macroprudential Policy——Evidence from 80 Countries Around the World
In the aftermath of the financial crisis,policymakers began to adopt macroprudential policies to maintain financial stability and judge the degree of financial stability by analyzing the stability of credit and house price growth.It analyzed the use of macroprudential policies by countries around the world from the first quarter of 1990 to the fourth quarter of 2019,and examined the growth of credit and house prices in macroprudential policies in 80 countries.The results showed that macroprudential policies were generally effective in curbing credit and house price growth,but the effectiveness of macroprudential policies differed somewhat between different types of countries,and in developing countries and countries with high financial openness,macroprudential policies were more effective in curbing credit and house price growth.In addition,different types of macroprudential policies would have certain differences in the effectiveness of different macroeconomic variables,so in the face of different situations,it was necessary to choose appropriate macroprudential policies for regulation.At the same time,after distinguishing between loose and austerity macroprudential policies,it was found that the impact of macroprudential policies in both directions on credit and house price growth was also asymmetrical.Based on the research results,the following policy suggestions were proposed:China should choose appropriate macroprudential tools when carrying out macroprudential regulation and control,and at the same time,it was also necessary to improve the financial system,enrich China's macroprudential policy toolbox,and improve the effectiveness of macroprudential policies.
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