We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing all bank loans to individuals in Romania, a small open economy subject to external shocks, and the period 2004-2012, which covers a full boom-bust credit cycle when a wide range of macroprudential measures were deployed. Although household leverage is known to be a key driver of financial crises, to our knowledge this is the first paper that employs a household credit register to study leverage and macroprudential policies over a full economic cycle. Our results show that tighter macroprudential conditions are associated with a significant decline in household credit, with substantially stronger effects for foreign currency (FX) loans than for local currency loans. The effects on FX loans are higher for: (i) ex-ante riskier borrowers proxied by higher debt-service-toincome ratios and (ii) banks with greater exposure to foreign funding. Moreover, tighter macroprudential policy has stronger dampening effects on FX lending when global risk appetite is high and foreign monetary policy is expansionary. Finally, quantitative effects are in general larger for borrower rather than lender macroprudential policies.
Here finally are Eliade's memoirs of the first thirty years of his life in Mac Linscott Rickett's crisp and lucid English translation. They present a fascinating account of the early development of a Renaissance talent, expressed in everything from daily and periodical journalism, realistic and fantastic fiction, and general nonfiction works to distinguished contributions to the history of religions. Autobiography follows an apparently amazingly candid report of this remarkable man's progression from a mischievous street urchin and literary prodigy, through his various love affairs, a decisive and traumatic Indian sojourn, and active, brilliant participation in pre-World War II Romanian cultural life."—Seymour Cain, Religious Studies Review
Mircea Eliade's journal of the years 1957-1969, originally published in English under the title No Souvenirs, is the testimony of a "wandering scholar" caught between three worlds: his native Romania, the France he fled to, and his last homeland, the United States. The journal is filled with his work, dreams, memories of his youth, stories of his travels, the reflections of each day.
Here finally are Eliade's memoirs of the first thirty years of his life in Mac Linscott Rickett's crisp and lucid English translation. They present a fascinating account of the early development of a Renaissance talent, expressed in everything from daily and periodical journalism, realistic and fantastic fiction, and general nonfiction works to distinguished contributions to the history of religions. Autobiography follows an apparently amazingly candid report of this remarkable man's progression from a mischievous street urchin and literary prodigy, through his various love affairs, a decisive and traumatic Indian sojourn, and active, brilliant participation in pre-World War II Romanian cultural life."—Seymour Cain, Religious Studies Review
Here finally are Eliade's memoirs of the first thirty years of his life in Mac Linscott Rickett's crisp and lucid English translation. They present a fascinating account of the early development of a Renaissance talent, expressed in everything from daily and periodical journalism, realistic and fantastic fiction, and general nonfiction works to distinguished contributions to the history of religions. Autobiography follows an apparently amazingly candid report of this remarkable man's progression from a mischievous street urchin and literary prodigy, through his various love affairs, a decisive and traumatic Indian sojourn, and active, brilliant participation in pre-World War II Romanian cultural life."—Seymour Cain, Religious Studies Review
We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing all bank loans to individuals in Romania, a small open economy subject to external shocks, and the period 2004-2012, which covers a full boom-bust credit cycle when a wide range of macroprudential measures were deployed. Although household leverage is known to be a key driver of financial crises, to our knowledge this is the first paper that employs a household credit register to study leverage and macroprudential policies over a full economic cycle. Our results show that tighter macroprudential conditions are associated with a significant decline in household credit, with substantially stronger effects for foreign currency (FX) loans than for local currency loans. The effects on FX loans are higher for: (i) ex-ante riskier borrowers proxied by higher debt-service-toincome ratios and (ii) banks with greater exposure to foreign funding. Moreover, tighter macroprudential policy has stronger dampening effects on FX lending when global risk appetite is high and foreign monetary policy is expansionary. Finally, quantitative effects are in general larger for borrower rather than lender macroprudential policies.
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