Macroprudential Regulation of Credit Booms and Busts : The Case of Croatia

Kraft, Evan ; Galac, Tomislav

关键词: ACCOUNTING;    AFFILIATES;    AIC;    AMOUNT OF CAPITAL;    AMOUNT OF CREDIT;   

DOI  :  10.1596/1813-9450-5772
RP-ID  :  WPS5772

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Croatia employed macroprudentialmeasures to manage credit growth and capital inflows duringthe boom years of the 2000s, including reserve requirementson loan growth, a marginal reserve requirement on increasesin foreign liabilities, foreign exchange liquidity minima,and elevated capital adequacy ratios. Although quantitativeanalysis is complicated by substantial overlaps amongmeasures, the econometric results in this paper suggest thatthe measures were most effective in requiring banks to holdhigh liquidity and capital buffers, and less effective inslowing credit growth and capital inflows. Larger buffersseem to have helped Croatian banks weather the financialcrisis, making the adjustments to capital and liquidityduring the crisis smaller.