## Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

_IMF Working Papers, March 22, 2019_

## Source details

**Canonical URL:** [Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database](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)

## Other formats

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## Bibliographic details
- 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

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### Database and scope
- 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).

### Research methods
- 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.

### Key findings
- Loan-targeted instruments have a significant impact on household credit.
- Loan-targeted instruments have a milder, dampening effect on consumption.
- LTV limit results:
  - Economically significant and nonlinear effects.
  - Declining impact for larger tightening measures.
  - Initial LTV level matters:
    - When LTV limits are already tight, the effects of additional tightening on credit is dampened.
    - When LTV limits are already tight, the effects of additional tightening on consumption are strengthened.

### Subjects and keywords
- 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

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## Content in this bundle

- **Working Paper**
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_Source: 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_