{
  "title": "Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database",
  "publication": "IMF Working Papers, March 22, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658",
  "overlayPath": "/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/index.md",
  "summary": "This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016.",
  "sections": [
    {
      "heading": "Database and scope",
      "content": "- New comprehensive database of macroprudential policies combining information from various sources.\n- Coverage: 134 countries from January 1990 to December 2016.\n- Supplemental resources: Link to data for this title (ZIP)."
    },
    {
      "heading": "Research methods",
      "content": "- Uses the constructed database to evaluate effects of macroprudential instruments.\n- Exploits novel numerical information on loan-to-value (LTV) limits.\n- Addresses endogeneity concerns using a propensity-score-based method."
    },
    {
      "heading": "Key findings",
      "content": "- Loan-targeted instruments have a significant impact on household credit.\n- Loan-targeted instruments have a milder, dampening effect on consumption.\n- LTV limit results:\n  - Economically significant and nonlinear effects.\n  - Declining impact for larger tightening measures.\n  - Initial LTV level matters:\n    - When LTV limits are already tight, the effects of additional tightening on credit is dampened.\n    - When LTV limits are already tight, the effects of additional tightening on consumption are strengthened."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Consumer credit, Consumption, Credit, Macroprudential policy, Macroprudential policy instruments\n- Keywords: credit growth, household credit, limit data, limit series, LTV adjustment, LTV cap, LTV limit, WP\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/bundle-manifest.json)",
    "Authors: Zohair Alam, Adrian Alter, Jesse Eiseman, Heedon Kang, Machiko Narita, Erlend Nier, Naixi Wang",
    "Published: March 22, 2019",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781498302708.001",
    "New comprehensive database of macroprudential policies combining information from various sources.",
    "Coverage: 134 countries from January 1990 to December 2016.",
    "Supplemental resources: Link to data for this title (ZIP).",
    "Uses the constructed database to evaluate effects of macroprudential instruments.",
    "Exploits novel numerical information on loan-to-value (LTV) limits.",
    "Addresses endogeneity concerns using a propensity-score-based method.",
    "Loan-targeted instruments have a significant impact on household credit.",
    "Loan-targeted instruments have a milder, dampening effect on consumption.",
    "LTV limit results:",
    "Subject: Consumer credit, Consumption, Credit, Macroprudential policy, Macroprudential policy instruments",
    "Keywords: credit growth, household credit, limit data, limit series, LTV adjustment, LTV cap, LTV limit, WP",
    "**Working Paper**"
  ],
  "related": [
    {
      "title": "Working Paper",
      "role": "paper",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2019/wpiea2019066.pdf",
      "summary": {
        "path": "/-/media/files/publications/wp/2019/wpiea2019066.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/wp/2019/wpiea2019066.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/index.md",
    "json": "/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/index.json",
    "bundleManifest": "/en/publications/wp/issues/2019/03/22/digging-deeper-evidence-on-the-effects-of-macroprudential-policies-from-a-new-database-46658/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T15:00:50.153Z"
}