Is macroprudential policy driving savings?

Detalhes bibliográficos
Autor(a) principal: Teixeira, André
Data de Publicação: 2021
Outros Autores: Venter, Zoë
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/21449
Resumo: This paper shows that the recent surge in savings is a result of tighter macroprudential policy. Using a difference-in-differences approach with staggered treatment adoption, we find that households in EU countries that adopted macroprudential policy between 2000 and 2019 increased their savings up to one third more than households in countries without macroprudential policy. Furthermore, our results indicate that the loan-to-value ratio explains most of the variation on savings. Finally, we find that a longer exposure to macroprudential policy exacerbates savings with searing consequences on growth.
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spelling Is macroprudential policy driving savings?Macroprudential policysavingsgrowthdifference-in-differencesThis paper shows that the recent surge in savings is a result of tighter macroprudential policy. Using a difference-in-differences approach with staggered treatment adoption, we find that households in EU countries that adopted macroprudential policy between 2000 and 2019 increased their savings up to one third more than households in countries without macroprudential policy. Furthermore, our results indicate that the loan-to-value ratio explains most of the variation on savings. Finally, we find that a longer exposure to macroprudential policy exacerbates savings with searing consequences on growth.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaTeixeira, AndréVenter, Zoë2021-06-14T16:19:59Z2021-062021-06-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/21449engTeixeira, André e Zoë Venter (2021). "Is macroprudential policy driving savings?". Instituto Superior de Economia e Gestão – REM Working paper nº 0181 – 20212184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:50:54ZPortal AgregadorONG
dc.title.none.fl_str_mv Is macroprudential policy driving savings?
title Is macroprudential policy driving savings?
spellingShingle Is macroprudential policy driving savings?
Teixeira, André
Macroprudential policy
savings
growth
difference-in-differences
title_short Is macroprudential policy driving savings?
title_full Is macroprudential policy driving savings?
title_fullStr Is macroprudential policy driving savings?
title_full_unstemmed Is macroprudential policy driving savings?
title_sort Is macroprudential policy driving savings?
author Teixeira, André
author_facet Teixeira, André
Venter, Zoë
author_role author
author2 Venter, Zoë
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Teixeira, André
Venter, Zoë
dc.subject.por.fl_str_mv Macroprudential policy
savings
growth
difference-in-differences
topic Macroprudential policy
savings
growth
difference-in-differences
description This paper shows that the recent surge in savings is a result of tighter macroprudential policy. Using a difference-in-differences approach with staggered treatment adoption, we find that households in EU countries that adopted macroprudential policy between 2000 and 2019 increased their savings up to one third more than households in countries without macroprudential policy. Furthermore, our results indicate that the loan-to-value ratio explains most of the variation on savings. Finally, we find that a longer exposure to macroprudential policy exacerbates savings with searing consequences on growth.
publishDate 2021
dc.date.none.fl_str_mv 2021-06-14T16:19:59Z
2021-06
2021-06-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/21449
url http://hdl.handle.net/10400.5/21449
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Teixeira, André e Zoë Venter (2021). "Is macroprudential policy driving savings?". Instituto Superior de Economia e Gestão – REM Working paper nº 0181 – 2021
2184-108X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv
repository.mail.fl_str_mv
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