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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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  • Media type: 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
  • Contributor: Kim, Soyoung [Author]; Mehrotra, Aaron N. [Other]
  • Published: [S.l.]: SSRN, [2017]
  • Published in: BOFIT Discussion Paper ; No. 4/2017
  • Extent: 1 Online-Ressource (29 p)
  • Language: English
  • DOI: 10.2139/ssrn.2929407
  • Identifier:
  • Origination:
  • 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
  • Access State: Open Access