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Macroprudential policy: Economic rationale and optimal tools by Giovanni Favara, Lev Ratnovski published by VOXEU (8/2012). Macroprudential policy is meant to reduce the risks from the financial sector spilling over to the wider economy. But the debate over how to…

Financial Intermediation and Technology: What’s Old, What’s New? by Arnoud Boot, Peter Hoffmann, Luc Laeven, and Lev Ratnovski published by IMF, indicated by Alvaro Manoel (8/2020) We study the effects of technological change on financial intermediation, distinguishing between innovations…

Propping up the chinese economy: Credit versus fiscal stimulus by Sophia Chen and Lev Ratnovski published by IMF (12/2017). “Credit booms are addictive. Credit supports growth and the perception of wealth. Yet credit booms are risky, and are often…

Credit and fiscal multipliers in China by Sophia Chen, Lev Ratnovski and Pi-Han Tsai published by IMF (12/2017). “…Our results suggest that reducing credit growth in China is unlikely to disrupt output growth, whereas fiscal policy may be effective…