Strong action needed to tackle credit booms, research finds
Policies can be circumvented if poorly designed
The experience of south-east Europe suggests macro-prudential policies will only be effective in constraining the credit cycle when they are well-calibrated and powerful, according to a working paper published on February 15.
The study of Bulgaria, Croatia, Romania and Serbia, Macroprudential Policies in Southeastern Europe, by Dilyana Dimova, Piyabha Kongsamut and Jérôme Vandenbussche, describes the countries as "pioneers" of macro-prudential policy among their European peers.
The authors find
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