Does Macro-Pru Leak ? Evidence from a UK Policy Experiment

  title={Does Macro-Pru Leak ? Evidence from a UK Policy Experiment},
  author={Shekhar Aiyar and Charles W. Calomiris and Tomasz Wieladek},
  • Shekhar Aiyar, Charles W. Calomiris, Tomasz Wieladek
  • Published 2012
The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of credit are unable to offset changes in credit supply by affected banks. This paper examines micro evidence—lacking to date… CONTINUE READING
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