Zohair Alam's Books

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

By: Zohair Alam,Mr.Adrian Alter,Jesse Eiseman,Mr.R. G Gelos,Mr.Heedon Kang,Mr.Machiko Narita,Erlend Nier,Naixi Wang

Write a review Read reviews Take a Quiz Solve Book Puzzle

Digging Deeper--Evidence on the Effects of Macroprudential Policies from a New Database

By: Zohair Alam,Mr.Adrian Alter,Jesse Eiseman,Mr.R. G Gelos,Mr.Heedon Kang,Mr.Machiko Narita,Erlend Nier,Naixi Wang

This paper introduces a new comprehensive database of macroprudential policies, which combines information from various sources and covers 134 countries from January 1990 to December 2016. Using these data, we first confirm that loan-targeted instruments have a significant impact on household credit, and a milder, dampening effect on consumption. Next, we exploit novel numerical information on loan-to-value (LTV) limits using a propensity-score-based method to address endogeneity concerns. The results point to economically significant and nonlinear effects, with a declining impact for larger tightening measures. Moreover, the initial LTV level appears to matter; when LTV limits are already tight, the effects of additional tightening on credit is dampened while those on consumption are strengthened.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

149830270X

ISBN 13

9781498302708

Leverage—A Broader View

By: Mr.Manmohan Singh,Zohair Alam

Write a review Read reviews Take a Quiz Solve Book Puzzle

Leverage—A Broader View

By: Mr.Manmohan Singh,Zohair Alam

Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy.

Average ratings

N/A