This paper introduces a comprehensive database of macroprudential policies, which covers 134 countries from January 1990. Using a novel numerical indicator of the tightness of loan-to-value (LTV) regulations, we estimate the policy effects of incremental tightening in LTV limits, employing a propensity score–based method to address endogeneity concerns. The results point to economically significant and nonlinear effects on household credit, with a declining per-unit impact for larger tightening measures. The analysis indicates that policy leakage effects could be a factor behind the nonlinear effects. We finally find that the side effects of macroprudential policies on consumption and output are relatively small.

中文翻译：

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深入挖掘——来自新数据库的宏观审慎政策效果的证据

本文介绍了一个综合性的宏观审慎政策数据库，该数据库自 1990 年 1 月起涵盖了 134 个国家。使用贷款价值比 (LTV) 监管严格程度的新颖数字指标，我们估计了 LTV 限制增量收紧的政策效果，采用基于倾向评分的方法来解决内生性问题。结果表明，家庭信贷对经济产生显着的非线性影响，而更大规模的紧缩措施对单位的影响会下降。分析表明，政策泄漏效应可能是非线性效应背后的一个因素。我们最终发现，宏观审慎政策对消费和产出的副作用相对较小。