Publicação
Essays on macroprudential policy and growth
| Resumo: | The relationship between MaPP and growth is examined in four related chapters. Each chapter uses a novel empirical approach to estimate the causal effects of MaPP on some of the most important determinants of growth. The first chapter is a joint work with Zoe Venter and it is published in the International Journal of Central Banking. Using a novel difference-in-differences with staggered adoption, we show that MaPP reduces household consumption and increases firm investment. We find that some prudential tools have pernicious effects on consumption, while others lead to higher firm investment. The effects of MaPP are found to be relatively mild in the short run but become more pronounced in the long run. These findings point to a weaker macroeconomic impact of MaPP than suggested in previous studies. The second chapter is published in the Journal of Policy Modeling. I use micro-level data from 122 countries to examine how MaPP affects individual behaviour. I find that people save more and borrow less after the adoption of MaPP. These effects are then disaggregated by policy tool , interest rate, and country income level. The results show that the effects of MaPP depend more on the design of the policy tool and the country's income level and less on the interest rate. These findings stand up to a variety of endogeneity tests that include propensity score matching and an instrumental variable approach. The third chapter is published in the Journal of Financial Stability. I examine the effects of MaPP on wealth inequality based on a large sample of 171 countries. I find that, after the adoption of MaPP, wealth concentration in the treated countries increases by 3.4 percentage points in a decade. This finding is explained by a rise in the wealth share of the top 1% combined with a sharp decline in the wealth share of the bottom 50%. These effects are stronger for prudential rules based on income, particularly in advanced economies. The fourth and final chapter is a joint work with Antonio Afonso and is under review in a similar-level journal. We investigate the impact of banking prudential regulation on sovereign risk. As long as prudential regulation improves financial stability, it lowers sovereign risk and enables governments to increase their spending. Consequently, countries with prudential regulation have lower primary budget balances and accumulate more government debt over time. These results suggest that prudential regulation reduces private debt, while paradoxically increasing public debt. We explore several explanations for this paradox. Our results indicate that prudential regulation induces governments to accumulate debt because it improves a nation's credit rating and its borrowing conditions in sovereign bond markets. |
|---|---|
| Autores principais: | Teixeira, André Manuel Ventura Soares |
| Assunto: | Política macroprudencial Crescimento |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | tese de doutoramento |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório da Universidade de Lisboa |
| _version_ | 1866808975940386816 |
|---|---|
| author | Teixeira, André Manuel Ventura Soares |
| author_facet | Teixeira, André Manuel Ventura Soares |
| author_role | author |
| contributor_name_str_mv | Afonso, António Repositório Científico de Acesso Aberto da ULisboa |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Teixeira, André Manuel Ventura Soares\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Afonso, António Repositório Científico de Acesso Aberto da ULisboa |
| datacite.creators.creator.creatorName.fl_str_mv | Teixeira, André Manuel Ventura Soares |
| datacite.date.Accepted.fl_str_mv | 2024-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2024-11-29T10:33:15Z |
| datacite.date.embargoed.fl_str_mv | 2024-11-29T10:33:15Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Política macroprudencial Crescimento |
| datacite.titles.title.fl_str_mv | Essays on macroprudential policy and growth |
| dc.contributor.none.fl_str_mv | Afonso, António Repositório Científico de Acesso Aberto da ULisboa |
| dc.creator.none.fl_str_mv | Teixeira, André Manuel Ventura Soares |
| dc.date.Accepted.fl_str_mv | 2024-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2024-11-29T10:33:15Z |
| dc.date.embargoed.fl_str_mv | 2024-11-29T10:33:15Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10400.5/95779 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Instituto Superior de Economia e Gestão |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Política macroprudencial Crescimento |
| dc.title.fl_str_mv | Essays on macroprudential policy and growth |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_db06 |
| description | The relationship between MaPP and growth is examined in four related chapters. Each chapter uses a novel empirical approach to estimate the causal effects of MaPP on some of the most important determinants of growth. The first chapter is a joint work with Zoe Venter and it is published in the International Journal of Central Banking. Using a novel difference-in-differences with staggered adoption, we show that MaPP reduces household consumption and increases firm investment. We find that some prudential tools have pernicious effects on consumption, while others lead to higher firm investment. The effects of MaPP are found to be relatively mild in the short run but become more pronounced in the long run. These findings point to a weaker macroeconomic impact of MaPP than suggested in previous studies. The second chapter is published in the Journal of Policy Modeling. I use micro-level data from 122 countries to examine how MaPP affects individual behaviour. I find that people save more and borrow less after the adoption of MaPP. These effects are then disaggregated by policy tool , interest rate, and country income level. The results show that the effects of MaPP depend more on the design of the policy tool and the country's income level and less on the interest rate. These findings stand up to a variety of endogeneity tests that include propensity score matching and an instrumental variable approach. The third chapter is published in the Journal of Financial Stability. I examine the effects of MaPP on wealth inequality based on a large sample of 171 countries. I find that, after the adoption of MaPP, wealth concentration in the treated countries increases by 3.4 percentage points in a decade. This finding is explained by a rise in the wealth share of the top 1% combined with a sharp decline in the wealth share of the bottom 50%. These effects are stronger for prudential rules based on income, particularly in advanced economies. The fourth and final chapter is a joint work with Antonio Afonso and is under review in a similar-level journal. We investigate the impact of banking prudential regulation on sovereign risk. As long as prudential regulation improves financial stability, it lowers sovereign risk and enables governments to increase their spending. Consequently, countries with prudential regulation have lower primary budget balances and accumulate more government debt over time. These results suggest that prudential regulation reduces private debt, while paradoxically increasing public debt. We explore several explanations for this paradox. Our results indicate that prudential regulation induces governments to accumulate debt because it improves a nation's credit rating and its borrowing conditions in sovereign bond markets. |
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| format | doctoralThesis |
| fulltext.url.fl_str_mv | https://repositorio.ulisboa.pt/bitstreams/0978151d-13e5-4a0b-b475-bbfc345c9a06/download |
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| identifier.url.fl_str_mv | http://hdl.handle.net/10400.5/95779 |
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| institution | Universidade de Lisboa |
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| organization_str_mv | urn:organizationAcronym:ul |
| person_str_mv | Teixeira, André Manuel Ventura Soares |
| publishDate | 2024 |
| publisher.none.fl_str_mv | Instituto Superior de Economia e Gestão |
| reponame_str | Repositório da Universidade de Lisboa |
| repository_id_str | urn:repositoryAcronym:ul |
| service_str_mv | urn:repositoryAcronym:ul |
| spelling | engInstituto Superior de Economia e Gestãopt_PTThe relationship between MaPP and growth is examined in four related chapters. Each chapter uses a novel empirical approach to estimate the causal effects of MaPP on some of the most important determinants of growth. The first chapter is a joint work with Zoe Venter and it is published in the International Journal of Central Banking. Using a novel difference-in-differences with staggered adoption, we show that MaPP reduces household consumption and increases firm investment. We find that some prudential tools have pernicious effects on consumption, while others lead to higher firm investment. The effects of MaPP are found to be relatively mild in the short run but become more pronounced in the long run. These findings point to a weaker macroeconomic impact of MaPP than suggested in previous studies. The second chapter is published in the Journal of Policy Modeling. I use micro-level data from 122 countries to examine how MaPP affects individual behaviour. I find that people save more and borrow less after the adoption of MaPP. These effects are then disaggregated by policy tool , interest rate, and country income level. The results show that the effects of MaPP depend more on the design of the policy tool and the country's income level and less on the interest rate. These findings stand up to a variety of endogeneity tests that include propensity score matching and an instrumental variable approach. The third chapter is published in the Journal of Financial Stability. I examine the effects of MaPP on wealth inequality based on a large sample of 171 countries. I find that, after the adoption of MaPP, wealth concentration in the treated countries increases by 3.4 percentage points in a decade. This finding is explained by a rise in the wealth share of the top 1% combined with a sharp decline in the wealth share of the bottom 50%. These effects are stronger for prudential rules based on income, particularly in advanced economies. The fourth and final chapter is a joint work with Antonio Afonso and is under review in a similar-level journal. We investigate the impact of banking prudential regulation on sovereign risk. As long as prudential regulation improves financial stability, it lowers sovereign risk and enables governments to increase their spending. Consequently, countries with prudential regulation have lower primary budget balances and accumulate more government debt over time. These results suggest that prudential regulation reduces private debt, while paradoxically increasing public debt. We explore several explanations for this paradox. Our results indicate that prudential regulation induces governments to accumulate debt because it improves a nation's credit rating and its borrowing conditions in sovereign bond markets.application/pdfpt_PTEssays on macroprudential policy and growthTeixeira, André Manuel Ventura SoaresAfonso, AntónioHostingInstitutionOrganizationalRepositório Científico de Acesso Aberto da ULisboae-mailmailto:repositorio@reitoria.ulisboa.ptrepositorio@reitoria.ulisboa.pt2024-11-29T10:33:15Z20242024-01-01T00:00:00ZHandlehttp://hdl.handle.net/10400.5/95779http://purl.org/coar/access_right/c_abf2open accessPolítica macroprudencialCrescimento1716391 bytesliteraturehttp://purl.org/coar/resource_type/c_db06doctoral thesishttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://repositorio.ulisboa.pt/bitstreams/0978151d-13e5-4a0b-b475-bbfc345c9a06/download |
| spellingShingle | Essays on macroprudential policy and growth Teixeira, André Manuel Ventura Soares Política macroprudencial Crescimento |
| status | SINGLETON |
| subject.fl_str_mv | Política macroprudencial Crescimento |
| title | Essays on macroprudential policy and growth |
| title_full | Essays on macroprudential policy and growth |
| title_fullStr | Essays on macroprudential policy and growth |
| title_full_unstemmed | Essays on macroprudential policy and growth |
| title_short | Essays on macroprudential policy and growth |
| title_sort | Essays on macroprudential policy and growth |
| topic | Política macroprudencial Crescimento |
| topic_facet | Política macroprudencial Crescimento |
| url | http://hdl.handle.net/10400.5/95779 |
| visible | 1 |