In this paper, an index of domestic macroprudential policy tools is constructed and the effectiveness of these tools in controlling credit growth, managing GDP growth and steadying inflation is studied using a dynamic panel data model for the period between 2000 and 2017. The empirical analysis includes two panels namely an EU panel of 27 countries and a Latin American panel of 7 countries, the paper also looks at a case study of Japan, Portugal and the UK. Our main results show that a tighter overall macroprudential policy stance would result in lower credit growth as well as lower GDP growth while, a tighter overall macroprudential policy tool stance would lead to higher inflation in the majority of cases. Factors such as capital openness and the perception of global market risk play an important role in both the exigency of policy implementation as well as the success thereof.

本文构建了国内宏观审慎政策工具的指标，并使用动态面板数据模型研究了这些工具在控制信贷增长，管理GDP增长和稳定通胀方面的有效性（2000年至2017年）。实证分析包括本文由两个小组组成，分别是27个国家的欧盟小组和7个国家的拉丁美洲小组，并着眼于日本，葡萄牙和英国的案例研究。我们的主要结果表明，更严格的宏观审慎政策立场将导致信贷增速下降以及GDP增速降低，而更严格的总体宏观审慎政策工具立场将导致多数情况下的通货膨胀率上升。