Macroprudential Policy Evaluation using Credit Registry Data: Argentina, 2009-2014 (original) (raw)

We aim to assess the impact of macroprudential policy measures on credit growth at the …rm level, using credit registry panel data from Argentina. We examine the impact of the introduction and tightening of a capital bu¤er and a limit of the foreign currency position of …nancial institutions on credit growth of …rms, controlling for macroeconomic, …nancial institutions and …rms’variables; the model is estimated for the period 2009-2014. We …nd that the capital bu¤er is generally associated to lower credit growth, both when introduced and when tightened; limits on global foreign currency position are linked to lower credit growth when tightened; measures operate both on the extensive and the intensive margins. Macroprudential policies also have an e¤ect on credit quality: growth of non-performing loans is reduced after their implementation. And in general, credit granted by banks with more capital and assets evidences a higher impact of the introduction of the capital bu¤er, while th...