Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit,...

Macroprudential policy is increasingly being implemented worldwide. Key questions are its effectiveness in influencing bank credit and substitution effects beyond banking. Our results confirm the expected effects of macroprudential policies on bank credit, both for advanced economies and...

Macroprudential policy is increasingly being implemented worldwide. Its effectiveness in influencing bank credit and its substitution effects beyond banking have been a key subject of discussion. Our empirical analysis confirms the expected effects of macroprudential policies on bank credit,...

Wir untersuchen für eine Gruppe von 20 Industrieländern die Rolle von Finanzmarktvari-ablen im Verlauf der Konjunkturzyklen im Zeitraum von 1970 bis 2002. Wir konzentrieren uns auf den Absturz von Aktienkursen, der stellvertretend als Konjunkturabschwung ange-sehen wird. Wir stellen...