20.500.12556/DKUM-90835 The impact of seven macroprudential policy instruments on financial stability in six euro area economies The aim of this paper is to investigate whether macroprudential policy instruments can influence the credit growth rate and hence financial stability. We use a fixed effects panel regression model to test the following hypothesis for six euro area economies (Austria, Finland, Germany, Italy, Netherlands and Spain) during time span 2010 Q3 to 2018 Q4: “Macroprudential policy instruments (degree of maturity mismatch; interbank loans as a percentage of total loans; leverage ratio; non-deposit funding as a percentage of total funding; loan-to-value ratio; loan-to-deposit ratio; solvency ratio) enhance financial stability, as measured by credit growth”. Our empirical results suggest that the degree of maturity mismatch, non-deposit funding as a percentage of total funding, loan-to-value ratio and loan-to-deposit ratio exhibit the predicted impact on the credit growth rate and therefore on financial stability. On the other hand, interbank loans as a percentage of total loans, leverage ratio, and solvency ratio do not exhibit the expected impact on the response variable. Since only four regressors (out of seven) have the signs predicted by our hypothesis, we can only partly confirm it. macroprudential policy macroprudential instruments systemic risk financial stability makrobonitetna politika makrobonitetni instrumenti sistemsko tveganje finančna stabilnost true false true Ekonomicko-správní fakulta Masarykovy univerzity Angleški jezik Slovenski jezik Znanstveno delo 2024-09-26 15:22:15 2024-09-26 15:31:08 2024-09-28 03:21:56 0000-00-00 00:00:00 2021 0 0 Str. 259-290 Št. 3 Letn. 21 sep. 2021 0000-00-00 Zaloznikova Objavljeno NiDoloceno 2020-12-27 2021-06-03 2021-09-17 336.71 77889539 10.2478/revecp-2021-0012 1804-1663 Lorencic-2021-The_Impact_of_Seven_Macroprudent.pdf Lorencic-2021-The_Impact_of_Seven_Macroprudent.pdf 1 603A94133454E2A5E9F1218EECEF2F22 f99354338fd016f34859bc32481fdebb5f9398e3ad3e8c1cd2e98f950d9968ee 60c0c209-7c0b-11ef-8e3e-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=185947 https://doi.org/10.2478/revecp-2021-0012 0 59f39c06-7c0a-11ef-8e3e-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=185946 Ekonomsko-poslovna fakulteta 0 0 0