Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Bank of Japan : (Research Paper) Impact of Macroprudential Policy Measures on Economic Dynamics

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/20/2013 | 08:28am CET

: Simulation Using a Financial Macro-econometric Model

February 20, 2013
Hiroshi Kawata*
Yoshiyuki Kurachi**
Koji Nakamura***
Yuki Teranishi****

Abstract

This paper uses a financial macro-econometric model to compare and analyze the impact of macroprudential policy measures -- a credit growth restriction, loan-to-value and debt-to-income regulations, and a time-varying capital requirement -- on the economic dynamics through the financial cycle with the asset price bubble. Our analysis shows that although these macroprudential policy measures dampen economic volatility, it is possible that they reduce average economic growth, and the effects on the economic dynamics differ widely among macroprudential policy measures. In addition, the policy effects are changed dramatically by lags in recognizing the state of the economy. Our results also suggest that macroprudential policy measures can help contribute to more stable financial intermediation by raising the resilience of the financial system against risks.

In the course of writing this paper, we benefited from valuable comments offered by participants at seminars held by the ECB, BOE, IMF, FRB, and OFR and in the Research Institute for Economics and Business Administration - Kobe University workshop, and by Bank of Japan staff. We would like to express our deep appreciation for the comments. Any errors in this paper are naturally those of the authors. The views expressed here are those of the authors and should not be ascribed to the Bank of Japan or its Financial System and Bank Examination Department.

* Financial System and Bank Examination Department
E-mail : hiroshi.kawata@boj.or.jp
** Financial System and Bank Examination Department
E-mail : yoshiyuki.kurachi@boj.or.jp
*** Financial System and Bank Examination Department
E-mail : kouji.nakamura@boj.or.jp
**** Financial System and Bank Examination Department
E-mail : yuuki.teranishi@boj.or.jp
Notice

Papers in the Bank of Japan Working Paper Series are circulated in order to stimulate discussion and comments. Views expressed are those of authors and do not necessarily reflect those of the Bank.
If you have any comment or question on the working paper series, please contact each author.
When making a copy or reproduction of the content for commercial purposes, please contact the Public Relations Department (post.prd8@boj.or.jp) at the Bank in advance to request permission. When making a copy or reproduction, the source, Bank of Japan Working Paper Series, should explicitly be credited.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
02:33a MINT INCOME FUND : Distributions
02:32a SIMS METAL MANAGEMENT : Ceasing to be a substantial holder from NAB
02:29a THE TELEGRAM : Texting, old-time
02:29a LOWE : layoffs to have little impact here
02:27a THAI AIRWAYS INTERNATIONAL PCL : 20 Jan 2017 THAI sets up Special Task Force on Engine & Maintenance Procurement and Task Force on Corruption Prevention
02:26a YIELDPLUS INCOME FUND ETF : Distributions
02:23a TOSHIBA : Bain, Permira interested as Toshiba flags chip business stake sale - Kyodo
02:23a ACTIVENERGY INCOME FUND : Distributions
02:22a Fed's Yellen says unwise to allow U.S. economy to run 'hot'
02:21a SOCIAL SPOTLIGHT EVENTS : Invites Top Social Media Influencers and Brands to Shine Light on Girl Up and The Crescent Moon Foundation
Latest news
Advertisement
Hot News 
23.40%CSX : Departing Rail Chief Targets Rival CSX -- WSJ
-5.43%SAFRAN : Agrees to Buy Zodiac Aerospace
3.88%GREAT EASTERN SHIPPING : India to levy service tax on freight for imports on delivered basis
6.79%N BROWN : Fashion brand N Brown's third quarter revenue rises, shares jump
-10.58%PETS AT HOME : shares dip on 'subdued' pet food, accessories sales
Most Read News
07:08p TESLA MOTORS : U.S. regulator finds no evidence of defects after Tesla death probe
08:23p TOSHIBA : Bain, Permira interested as Toshiba flags chip business stake sale - Kyodo
06:14p AMERICAN EXPRESS : AmEx profit misses estimates on higher marketing spend
06:30p PEABODY ENERGY : Bankruptcy judge denies request for Peabody equity committee
07:05p EXCLUSIVE : Spirit AeroSystems mulls sending U.S. supply chain jobs overseas
Most recommended articles
01/17DJS&P 500, Nasdaq Futures -- Technical Analysis
08:23p TOSHIBA : Bain, Permira interested as Toshiba flags chip business stake sale - Kyodo
08:06pDJHALLIBURTON : Oil-Field Services Company Keane Group Prices Upsized IPO at High End of Range
07:36pDJCAPITALAND MALL TRUST : 4Q Distributable Income S$102.0 Million, up 0.2% on Year
07:31pDJINTERNATIONAL BUSINESS MACHINES : IBM Revenue Declines Again -- 2nd Update