In this paper, we assess the effectiveness of macroprudential policies in controlling short- and long-term credit growth. Using a sample of 414 banks located in 61 countries, we document that macroprudential policies manifest a stabilizing effect in the short run, reducing credit growth, with borrower-targeted macroprudential policies being the most effective in taming credit developments. However, in the long-term tight macroprudential policies enhance credit growth. In this case, country-level analysis shows that financial institution-targeted macroprudential policy is more effective than the instruments that target borrowers, whereas at the bank-level the opposite is true. In addition, using a difference-in-difference approach, we emphasize that there is heterogeneity in the relationship among macroprudential policy and credit growth across different types of countries, banking systems, policy regimes and banks. Our findings stress the importance of macroprudential instruments in limiting excessive lending, most notably borrower-based tools.

在本文中，我们评估了宏观审慎政策在控制短期和长期信贷增长方面的有效性。我们以位于 61 个国家的 414 家银行为样本，证明宏观审慎政策在短期内表现出稳定作用，降低了信贷增长，而针对借款人的宏观审慎政策在抑制信贷发展方面最为有效。然而，从长期来看，从紧的宏观审慎政策提升了信贷增长。在这种情况下，国家层面的分析表明，针对金融机构的宏观审慎政策比针对借款人的工具更有效，而在银行层面则相反。此外，使用差异中的差异方法，我们强调，宏观审慎政策与信贷增长之间的关系在不同类型的国家、银行体系、政策制度和银行之间存在差异。我们的研究结果强调了宏观审慎工具在限制过度放贷方面的重要性，尤其是基于借款人的工具。