BoJ paper finds asymmetric macroprudential growth impacts

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Macroprudential policies are effective at curbing financial excesses, but have an adverse impact on growth that varies widely between tools, according to a research paper published today by the Bank of Japan (BoJ).

Impact of Macroprudential Policy Measures on Economic Dynamics, by Hiroshi Kawata, Yoshiyuki Kurachi, Koji Nakamura and Yuki Teranishi, looks at four types of macroprudential policy: loan-to-value (LTV) ratios, debt-to-income (DTI) ratios, credit growth restrictions and time-varying

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