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- ISIDORE Id: 10670/1.d08182...
- emse-04624972
- doi: 10.1016/j.econmod.2022.105872
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.econmod.2022.105872
info:eu-repo/semantics/OpenAccess
Mots-clés
Financial stability Policy evaluation Banking sector Credit markets Regulation Global financial crisis E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E51 - Money Supply • Credit • Money Multipliers E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G28 - Government Policy and Regulation -fin]/Risk Management [q-fin.RM]Sujets proches
Monetary managementCiter ce document
Jonathan Benchimol et al., « The interaction between domestic monetary policy and macroprudential policy in Israel », HAL SHS (Sciences de l’Homme et de la Société), ID : 10.1016/j.econmod.2022.105872
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Résumé
The global financial crisis (GFC) triggered the use of macroprudential policies imposed on the banking sector. Using bank-level panel data for Israel for the period 2004–2019, we find that domestic macroprudential measures changed the composition of bank credit growth but did not affect the total credit growth rate. Specifically, we show that macroprudential measures targeted at the housing sector moderated housing credit growth but tended to increase business credit growth. We also find that accommodative monetary policy surprises tended to increase bank credit growth before the GFC. We show that accommodative monetary policy surprises increased consumer credit when interacting with macroprudential policies targeting the housing market. Accommodative monetary policy interacted with nonhousing macroprudential measures to increase total credit.
