Macroprudential regulation as part of the Mexican policy toolkit
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Instituto Mexicano de Ejecutivos de Finanzas A.C.
2021
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| _version_ | 1876441133946503168 |
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| author | Carlos Alberto Zarazúa Juárez |
| author_facet | Carlos Alberto Zarazúa Juárez |
| contents | Macroprudential regulation as part of the Mexican policy toolkit Carlos Alberto Zarazúa Juárez Economía y Finanzas policy designs supply of credit macroprudential policy Business cycles fluctuations The objective of this work is to assess the effect of implementing countercyclical macroprudential regulation in Mexico with the objective of verify whether this type of policy is welfare-improving. Using a DSGE model, two kinds of macroprudential rules are tested: countercyclical bank capital requirements and countercyclical loan-to-value ratios. Results suggest that these rules are welfare-improving and avoid the formation of credit bubbles as well as facilitate loans in the presence of macroeconomic crises. Results suggest that the use of countercyclical rules is effective in keeping the debt level according to its long-term equilibrium. This paper presents a theoretical framework to analyze banking regulation for policy purposes and is the first attempt to analyze countercyclical regulation in Mexico using a microfounded model. Results can be used to rationalize the use of macroprudential tools during the COVID‑19 pandemic given the current interventions in the Mexican banking system. 2021 artículo científico 1665-5346 https://www.redalyc.org/articulo.oa?id=423770370002 https://www.redalyc.org/journal/4237/423770370002/ https://www.redalyc.org/journal/4237/423770370002/html/ https://www.redalyc.org/journal/4237/423770370002/423770370002.epub https://www.redalyc.org/journal/4237/423770370002/movil 10.21919/remef.v16i1.568 en http://www.redalyc.org/revista.oa?id=4237 Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance application/pdf Instituto Mexicano de Ejecutivos de Finanzas A.C. Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance (México) Num.1 Vol.16 |
| format | Artículo científico |
| id | redalyc_423770370002 |
| institution | Redalyc |
| language | en |
| publishDate | 2021 |
| publisher | Instituto Mexicano de Ejecutivos de Finanzas A.C. |
| spellingShingle | Macroprudential regulation as part of the Mexican policy toolkit Carlos Alberto Zarazúa Juárez Economía y Finanzas policy designs supply of credit macroprudential policy Business cycles fluctuations Macroprudential regulation as part of the Mexican policy toolkit Carlos Alberto Zarazúa Juárez Economía y Finanzas policy designs supply of credit macroprudential policy Business cycles fluctuations The objective of this work is to assess the effect of implementing countercyclical macroprudential regulation in Mexico with the objective of verify whether this type of policy is welfare-improving. Using a DSGE model, two kinds of macroprudential rules are tested: countercyclical bank capital requirements and countercyclical loan-to-value ratios. Results suggest that these rules are welfare-improving and avoid the formation of credit bubbles as well as facilitate loans in the presence of macroeconomic crises. Results suggest that the use of countercyclical rules is effective in keeping the debt level according to its long-term equilibrium. This paper presents a theoretical framework to analyze banking regulation for policy purposes and is the first attempt to analyze countercyclical regulation in Mexico using a microfounded model. Results can be used to rationalize the use of macroprudential tools during the COVID‑19 pandemic given the current interventions in the Mexican banking system. 2021 artículo científico 1665-5346 https://www.redalyc.org/articulo.oa?id=423770370002 https://www.redalyc.org/journal/4237/423770370002/ https://www.redalyc.org/journal/4237/423770370002/html/ https://www.redalyc.org/journal/4237/423770370002/423770370002.epub https://www.redalyc.org/journal/4237/423770370002/movil 10.21919/remef.v16i1.568 en http://www.redalyc.org/revista.oa?id=4237 Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance application/pdf Instituto Mexicano de Ejecutivos de Finanzas A.C. Revista Mexicana de Economía y Finanzas. Nueva Época / Mexican Journal of Economics and Finance (México) Num.1 Vol.16 |
| title | Macroprudential regulation as part of the Mexican policy toolkit |
| topic | Economía y Finanzas policy designs supply of credit macroprudential policy Business cycles fluctuations |
| url | https://www.redalyc.org/articulo.oa?id=423770370002 https://www.redalyc.org/journal/4237/423770370002/ https://www.redalyc.org/journal/4237/423770370002/html/ https://www.redalyc.org/journal/4237/423770370002/423770370002.epub https://www.redalyc.org/journal/4237/423770370002/movil |