Macro-pru tools helped offset taper tantrum – paper

The Bank for International Settlements, Basel
The Bank for International Settlements, Basel
Ulrich Roth

Macro-prudential measures employed before the “taper tantrum” in 2013 helped to reduce the shock’s impact on cross-border lending, says research published by the Bank for International Settlements.

Can macroprudential measures make cross-border lending more resilient?, by Előd Takáts and Judit Temesvary, examines how cross-border lending growth changed before and after then-chairman Ben Bernanke revealed the US Federal Reserve Board planned to taper its asset purchases.

The authors say: “We

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