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Finance, growth and (macro)prudential policy: European evidence

Author

Listed:
  • Martin Hodula

    (Czech National Bank
    VSB-Technical University of Ostrava (VSB-TUO))

  • Ngoc Anh Ngo

    (VSB-Technical University of Ostrava (VSB-TUO))

Abstract

This paper examines the interactions between financial development, economic growth and (macro)prudential policy on a sample of 12 euro area countries. Our main takeaway is that active (macro)prudential policy supports the positive finance-growth nexus instead of disrupting it. These benefits are found to be more likely to materialize during tightening of (macro)prudential policy measures and not during easing. This result is conditional on the ability of (macro)prudential policy to curb excess credit growth and mitigate systemic risk, which would otherwise disrupt the market. Moreover, we assert that when analysing the effects of (macro)prudential policy, it is important to account for the direction of (macro)prudential measures, not just for the frequency at which they are implemented.

Suggested Citation

  • Martin Hodula & Ngoc Anh Ngo, 2022. "Finance, growth and (macro)prudential policy: European evidence," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(2), pages 537-571, May.
    • Handle: RePEc:kap:empiri:v:49:y:2022:i:2:d:10.1007_s10663-022-09537-w
    DOI: 10.1007/s10663-022-09537-w
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    Cited by:

    1. Simona Malovana & Jan Janku & Martin Hodula, 2023. "Macroprudential Policy and Income Inequality: The Trade-off Between Crisis Prevention and Credit Redistribution," Working Papers 2023/3, Czech National Bank.
    2. Abdul Rahman & Muhammad Arshad Khan, 2024. "Role of consistent regime-specific policies in recovering the negative relationship between financial development and economic growth," Economic Change and Restructuring, Springer, vol. 57(4), pages 1-27, August.
    3. Salma Gallas & Houssam Bouzgarrou & Montassar Zayati, 2024. "Balancing financial stability and economic growth: a comprehensive analysis of macroprudential regulation," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(4), pages 1005-1033, December.

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    More about this item

    Keywords

    Development; Finance; Growth; Macroprudential policy; Panel analysis;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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