Specialty Conference

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Specialty Conference

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Jan 2017

Shadow Banking: Economics and Policy

Stijn CLAESSENS
Keywords: Stijn Claessens (Federal Reserve System)
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Specialty Conference

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Specialty Conference

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Jan 2017

Regulating Capital Flows at Both Ends: Does it Work?

Atish R. GHOSH, Mahvash S. QURESHI, Naotaka SUGAWARA
This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John Maynard Keynes and Harry Dexter White. To this end, we use data on bilateral cross-border bank flows fro...
Keywords: cross-boder bank flows, capital controls, prudential measures
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Specialty Conference

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Specialty Conference

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Jan 2017

Macroprudential Policies, Capital Flows, and the Structure of the Banking Sector

John BEIRNE, Christian FRIEDRICH
Using a large sample of advanced and emerging market economies over the period 1999–2012, we examine the effectiveness of macroprudential policies (MPPs) in managing cross-border bank flows. Conditioning on the structure of the banking sector in the MPP-implementing country, we find that higher re...
Keywords: Macroprudential policies, International capital flows, Banking sector
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Specialty Conference

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Specialty Conference

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Jan 2017

Mortgage Lending, Banking Crises and Financial Stability in Asia

Peter J. MORGAN, Yan ZHANG
Our paper investigates the relationship between financial stability and mortgage lending. We estimated the effect of the share of mortgage lending by individual banks (together with some control variables) on two measures of financial stability—the bank Z-score and the non-performing loan ratio—...
Keywords: Financial stability, mortgage lending, non-performing loans
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Specialty Conference

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Specialty Conference

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Jan 2017

The Effectiveness of Housing Collateral Tightening Policy

Cristian BADARINZA, Sumit AGARWAL, Wenlan QIAN
We propose a novel supply-side channel for the transmission of macroprudential policy. We exploit a unique policy experiment that tightens collateral requirements differentially across mortgage contract types, and document a composition change towards borrowers that have higher debt-to-income ratios...
Keywords: credit supply, mortgage market, Household Finance
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