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
08:03p PHISHME : CEO to Present at 2017 Roth Conference
08:02p HONDA MOTOR : Elkton-area traffic stop nets gun, drugs, one arrest
08:02p STATE OF WEST VIRGINIA : Access road to Dixon Lake on the Pedlar Wildlife Management Area temporarily closed to vehicles
08:02p STATE STREET GLOBAL ADVISORS : Aligns Global Institutional Businesses
08:01p GOLDEN ENTERTAINMENT, INC. (NASDAQ : GDEN) Set to Capitalize on the Immensity of the US Gambling Market
08:01p SURGE ENERGY : announces 2016 year end reserves; new net asset value of $5.47 per share; and $3.74 per boe FD&A
08:01p Family Christian Announces Plan for Liquidation
08:01p SONUS : Diameter Signaling Controller Selected by Korea Telecom
08:01p CMS ENERGY : Announces Leadership Changes Focused on World-Class Performance, Workforce
08:01p Government of Canada Announces $2.75 Million for Innovative British Columbia Art Business
Latest news
Advertisement
Hot News 
-15.65%L BRANDS : Malls' Woes Hurt Victoria's Secret, Bath & Body Works
7.90%CROWN RESORTS : Casino Operator Crown Puts Big China Play on Hold
6.75%Britain's Intu Properties hikes full-year dividend
9.63%HP : Sales Get Boost From PC Rebound -- WSJ
-2.32%WIRECARD : Germany's Bafin asks prosecutors to investigate Wirecard share movements
Most Read News
11:50a BARCLAYS : surprise capital boost triggers pension concerns
01:14a APPLE : Tech breakthroughs take a backseat in upcoming Apple iPhone launch
02/22 ABB : Switzerland's ABB hit by $100 million South Korean fraud
02/22 PRUDENTIAL FINANCIAL : may hit Wells Fargo for account scandal costs-filing
07:59a AXA : steers clear of big deals, manages risks stemming from French politics
Most recommended articles
12:23pDJVIVENDI : Full-Year Earnings Beat Estimates
01:56p CRESCENT POINT ENERGY : loss bigger than expected as production falls
01:52p Top policymakers reassure Europe on Azeri gas deadline
01:45p ROYAL BANK OF CANADA : RBC battles former executive after dropping Volcker strategy
01:41p UNITED TECHNOLOGIES : Carrier expands recall of air conditioners, heat pumps