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Contribution Details

Type Scientific Publication In Electronic Form
Scope Discipline-based scholarship
Title Spillovers and the optimal design of macroprudential measures: Evidence from Switzerland
Organization Unit
Authors
  • Steven Ongena
  • Raphael Auer
Language
  • English
Place of Publication London
Publisher VoxEU, CEPR Policy Portal
Date 2020
Abstract Text Targeted macroprudential policies may spill across sectors, but this does not mean that they are ineffective. This column shows how the effects of a countercyclical capital buffer designed to curb house price growth in Switzerland spilled over into commercial lending. But a model that matches the uncovered spillovers in volumes and interest rates shows that they by no means undermine the rationale for focusing policy measures on specific sectors. On the contrary, it suggests that regulators can avail themselves of this new tool to increase the overall resilience of banks.
Free access at Official URL
Official URL https://voxeu.org/article/spillovers-and-optimal-design-macroprudential-measures
Other Identification Number merlin-id:19016
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