This paper examines the effects of prudential policy on loan growth in 11 Central and Eastern European banking systems, spanning the period from 2000 to 2015. Based on the measures taken by the authorities of our sample countries, we build several prudential indices. Additionally, we control for the effects of several country-specific factors and bank-specific characteristics. Finally, we test the homogeneity of these effects, accounting for cycle, ownership, and bank effects. Generally, the empirical findings reveal a negative correlation between prudential toolkits and credit growth, with a conspicuous impact for tools targeting lending activity. We see that the effects of a change in the lending framework on loan growth are heterogeneous when we account for crisis and cycle patterns. Furthermore, the interaction between ownership and crisis reveals that, in normal times, foreign banks recorded higher loan growth compared to domestic banks. The opposite is true in turbulent times. The analysis of interactions between credit-based measures and bank-specific variables show that the effects of prudential actions depend on the bank size and leverage.

本文研究了2000年至2015年期间审慎政策对11个中欧和东欧银行体系贷款增长的影响。基于样本国家当局采取的措施，我们建立了一些审慎指数。此外，我们控制了几个特定国家/地区因素和特定于银行的特征的影响。最后，我们测试这些效应的同质性，考虑周期，所有权和银行效应。一般而言，经验结果表明，审慎工具包与信贷增长之间存在负相关关系，这对以贷款活动为目标的工具产生了显着影响。我们看到，当我们考虑危机和周期模式时，贷款框架的变化对贷款增长的影响是不同的。此外，所有权和危机之间的相互作用表明，在正常情况下，外资银行的贷款增长要高于国内银行。在动荡的时代，情况恰恰相反。对基于信用的度量与特定于银行的变量之间的相互作用的分析表明，审慎行为的效果取决于银行的规模和杠杆率。