Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by ...
London:
CEPR,
2014,
54 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 9798)
| Kristin Forbes, Marcel Fratzscher, Roland Straub
The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro area. Our results suggest that expansionary monetary policy in the source countries – as measured by the ...
London:
CEPR,
2014,
39 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 10296)
| Franziska Bremus, Marcel Fratzscher