Kim, Soyoung
[Author]
;
Mehrotra, Aaron N.
[Other]
Effects of Monetary and Macro-Prudential Policies – Evidence from Inflation Targeting Economies in the Asia-Pacific Region and Potential Implications for China
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E-Book
Title:
Effects of Monetary and Macro-Prudential Policies – Evidence from Inflation Targeting Economies in the Asia-Pacific Region and Potential Implications for China
Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 2, 2017 erstellt
Description:
We examine the effects of monetary and macroprudential policies in the Asia-Pacific region, where many inflation targeting economies have adopted macroprudential policies in order to safeguard financial stability. Using structural panel vector autoregressions that identify both monetary and macro-prudential policy actions, we show that tighter macroprudential policies used to contain credit growth have also had a significant negative impact on macroeconomic aggregates such as real GDP and the price level. The similar effects of monetary and macroprudential policies may suggest a complementary use of the two policies at normal times. However, they could also create challenges for policy-makers, especially during times when low inflation coincides with buoyant credit growth