BIS paper studies early form of macro-pru policy
Dutch controls on credit from 1960s to 1990s helped promote stability, authors find
Early experiments with macro-prudential policy in the Netherlands seem broadly to have succeeded, a working paper published by the Bank for International Settlements finds.
Authors Gabriele Galati, Jan Kakes and Richhild Moessner study the experience of the Netherlands Bank, which imposed credit controls from the 1960s to the early 1990s. They note studying historical experiences with macro-prudential policy can be useful given that empirical evidence on the tools’ recent use in advanced
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