## Figure 2.5.1. Macroprudential Policy Tools and Household Credit Growth

## Source details

**Canonical URL:** [Figure 2.5.1. Macroprudential Policy Tools and Household Credit Growth](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-5-1.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-5-1.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-5-1.pdf.json)

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### 1. Number of Macroprudential Policies and Real Household Credit Growth (Panel 1)
- Left scale (cumulative sum of policies): –30, –20, –10, 0, 10, 20, 30
- Right scale (year-over-year growth, percent): –80, –60, –40, –20, 0, 20, 40, 60, 80
- Time axis: 1990 92 94 96 98 2000 02 04 06 08 10 12 14 16
- Series:
  - EME macroprudential policies (cumulative sum, left scale)
  - AE macroprudential policies (cumulative sum, left scale)
  - EME real household credit (year-over-year growth, percent, right scale)
  - AE real household credit (year-over-year growth, percent, right scale)

### 2. Effect of Individual Macroprudential Tools (Panel 2)
- Vertical axis range (percentage points): –3, –2, –1, 0, 1
- Macroprudential measures listed:
  - Debt-service-to-income ratio
  - Loan-to-value ratio
  - Loan or borrowing limits or prohibitions
  - Limits on bank credit growth
  - Loan loss provisions
  - Reserve requirements
  - Leverage ratio
  - Countercyclical capital buffer
  - Limits on foreign exchange positions
- Grouping labels:
  - All AEs EMEs
  - All AEs EMEs
- Interpretation:
  - Panel 2 shows the estimated average effects on real household credit growth of one tightening event for each macroprudential measure, one at a time, in a panel regression of 62 countries (32 advanced economies and 30 emerging market economies).
  - Shaded bars depict significant effects at the 10 percent confidence levels.

### 3. Effect of Combined Policies, Average by Type (Panel 3)
- Horizontal axis range (percentage points): –1.5, –1.2, –0.9, –0.6, –0.3, 0.0, 0.3
- Category labels:
  - All
  - Loan
  - Demand
  - Supply
  - General
  - Capital
  - Loans
  - Supply
  - Macroprudential policies
- Classification details:
  - All comprises all 14 measures considered.
  - Loan consists of demand-side and supply-side loans.
  - Demand includes debt-service-to-income ratios and loan-to-value ratios.
  - Supply measures are classified into General, Capital, and Loans.
    - Supply (General) consists of reserve requirements, liquidity requirements, limits on foreign exchange positions, and taxes on financial institutions.
    - Supply (Capital) consists of capital requirements, conservation buffers, the leverage ratio, and the countercyclical capital buffer.
    - Supply (Loans) consists of limits on bank credit growth, loan loss provisions, loan restrictions, and limits on foreign currency loans.
- Interpretation:
  - Panel 3 shows the effect of combined policies, averaged by type, on real household credit growth.
  - Shaded bars depict significant effects at the 10 percent confidence levels.

### Key statistics and methodological notes
- Sample: 62 countries (32 advanced economies and 30 emerging market economies).
- Statistical significance: shaded bars indicate significance at the 10 percent confidence level.
- Estimation details: See Annex 2.2 for estimation details.
- Abbreviations: AEs = advanced economies; EMEs = emerging market economies.
- Source: IMF staff calculations.

*Source: boxfigure2-5-1 PDF (Figure 2.5.1. Macroprudential Policy Tools and Household Credit Growth).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-2/pdf-data/boxfigure2-5-1.pdf_