We show that macroprudential regulation significantly dampens the impact of global financial shocks on emerging markets. Specifically, a tighter level of regulation reduces the sensitivity of GDP growth to capital flow shocks and movements in the Chicago Board Options Exchange's VIX. A broad set of macroprudential tools contributes to this result, including measures targeting bank capital and liquidity, foreign currency mismatches, and risky credit. We also find that tighter macroprudential regulation allows monetary policy to respond more countercyclically to global financial shocks. This could be an important channel through which macroprudential regulation enhances macro-economic stability. We do not find evidence that capital controls provide similar benefits.

中文翻译：

---

抑制全球金融冲击：宏观审慎监管能否有所帮助（不仅仅是资本管制）？

我们的研究表明，宏观审慎监管显着抑制了全球金融冲击对新兴市场的影响。具体来说，更严格的监管会降低 GDP 增长对资本流动冲击和芝加哥期权交易所 VIX 波动的敏感性。一系列广泛的宏观审慎工具促成了这一结果，包括针对银行资本和流动性、外币错配和风险信贷的措施。我们还发现，更严格的宏观审慎监管使得货币政策能够更加逆周期地应对全球金融冲击。这可以成为宏观审慎监管增强宏观经济稳定的重要渠道。我们没有发现任何证据表明资本管制能带来类似的好处。