Effective Macroprudential Policy: Cross‐Sector Substitution from Price and Quantity Measures
研究宏观审慎政策是否导致信贷从银行转向非银行部门，发现政策约束强、非银行市场发达时替代效应更明显，部分抵消了政策对总信贷的抑制效果。
Abstract Macroprudential policy is increasingly being implemented worldwide, and is mostly applied to banks. A key question is whether this prompts substitution toward nonbank credit. Using two different global data sets on macroprudential measures and different methodologies, including detrended series, panel estimations, and propensity score matching, we find evidence of such substitution. Substitution toward nonbank credit appears to be stronger when policy measures are binding and are implemented in economies with well‐developed nonbank credit markets. This substitution partially offsets the fall in bank credit, thus dampening the policies’ effect on total credit.