The use and effectiveness of macroprudential policies: New evidence by Eugenio Cerutti, Stijn Claessens and Luc Laeven published by IMF (3/2015). “Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments…Effects are less in financially more developed and open economies, however, and usage comes with greater cross-border borrowing, suggesting some avoidance. And while macroprudential policies can help manage financiao cycles, they work less well in busts.”
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