The impact of macroprudential policies: an empirical analysis using credit registry data

Closing Conference of the BIS CCA CGDFS Working Group, hosted by the BIS Office for the Americas, Mexico City, 13-14 June 2016

Monday 13 June 2016


Opening remarks
Enrique Alberola (Chief Representative, Office for the Americas. Bank for International Settlements) and Leonardo Gambacorta (Research Adviser, Bank for International Settlements)


Paper presentations: 30 minutes - Discussion: 15 minutes - Open discussion: 15 minutes


Session I
Chair: Leonardo Gambacorta (Bank for International Settlements)


Prudential policies and their impact on credit in the United States by Paul Calem (Federal Reserve Bank of Philadelphia), Ricardo Correa and Seung Jung Lee (Board of Governors of the Federal Reserve System) (presentation)
Discussant: Joao Santos (Federal Reserve Bank of New York) (comments)


The impact of macroprudential housing finance tools in Canada: 2005-2010 by Jason Allen, Timothy Grieder, Brian Peterson and Tom Roberts (Bank of Canada) (presentation)
Discussant: Lu Han (University of Toronto, Rotman School of Business) (comments)


The impact of expected losses provisioning in credit growth: the case of Mexico by Gabriel Levin, Calixto López and Fabrizio López-Gallo (Bank of Mexico) (presentation)
Discussant: Gabriel Jiménez (Bank of Spain) (comments)


Session II
Chair: Charles Calomiris (Columbia University)


Macroprudential policy evaluation using credit registry data: Argentina, 2009-2014 by Horacio Aguirre and Gastón Repetto (Central Bank of Argentina) (presentation)
Discussant: Vasso Ioannidou (Lancaster University) (comments)


Loan to value policy and housing loans: Effects on constrained borrowers by Douglas de Araujo, João Barroso and Rodrigo Gonzalez (Central Bank of Brazil) (presentation)
Discussant: Manuel Adelino (Duke University) (comments)


The impact of Financial Stability Report's warning on the loan to value ratio by Andres Alegría, Rodrigo Alfaro and Felipe Córdova (Central Bank of Chile) (presentation)
Discussant: Michael Ehrmann (Bank of Canada) (comments)


Tuesday 14 June 2016


Session III
Chair: Michael Ehrmann (Bank of Canada)


Credit supply responses to reserve requirements: Evidence from credit registry and policy shocks by João Barroso, Bernadus Doonik, Carlos Cinelli and Rodrigo Gonzalez (Central Bank of Brazil) (presentation)
Discussant: José Luis Peydró (Universitat Pompeu Fabra) (comments)


Evaluating macroprudential policies in Colombia by Esteban Gómez, Angélica Lizarazo and Juan Carlos Mendoza (Bank of the Republic-Colombia) and Andres Murcia (Bank for International Settlements) (presentation)
Discussant: Charles Calomiris (Columbia University) (comments)


Session IV
Chair: Stephen Murchison (Bank of Canada)


Empirical analysis of macroprudential policies in Peru: The effects of dynamic provisioning and conditional reserve requirements by Miguel Cabello, José Lupú and Elias Minaya (Central Reserve Bank of Peru) (presentation)
Discussant: Ricardo Correa (Board of Governors of the Federal Reserve System) (comments)


The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data by Leonardo Gambacorta and Andres Murcia (Bank for International Settlements) (presentation)
Discussant: Stijn Claessens (Board of Governors of the Federal Reserve System) (comments)


Conclusions of final remarks by Leonardo Gambacorta and Enrique Alberola (Bank for International Settlements)