The Impact of Macroprudential Policy on Credit Growth in Nine Euro Area Economies
Povzetek
V članku raziskujemo vpliv ukrepov (ki so združeni v indeks makroprevidnostne politike, MPI) makroprevidnostne politike na stopnjo rasti kreditov, danih sektorju nefinančnih podjetij in sektorju gospodinjstev, z uporabo empirične raziskovalne metode enokoračnega sistema GMM. Cilj pričujočega članka je preveriti, ali kontrakcijska makroprevidnostna politika zmanjša stopnjo kreditne rasti in ali ekspanzivna makroprevidnostna politika spodbudi stopnjo kreditne rasti v izbranih državah evroobmočja (v Avstriji, Belgiji, Finski, Nemčiji, Irski, Italiji, Nizozemski, Sloveniji in Španiji) v časovnem obdobju od 2008Q4 do 2018Q4. Preverimo dve hipotezi: H1: Poostritev ukrepov makroprevidnostne politike zmanjša stopnjo kreditne rasti v sektorju nefinančnih podjetij in H2: Poostritev ukrepov makroprevidnostne politike zmanjša stopnjo kreditne rasti v sektorju gospodinjstev. Na osnovi naših empiričnih rezultatov lahko potrdimo prvo hipotezo. Po drugi strani pa druge hipoteze ne moremo niti potrditi niti zavrniti, saj pojasnjevalna spremenljivka MPI, ki nas zanima, ni statistično značilna v našem drugem modelu.
Prenosi
Literatura
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