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Credit Growth and Macro Prudential Policies: Preliminary Evidence on the Firm-level

January 25, 2018

DECRG Kuala Lumpur Seminar Series

  • Using data on 1.3 million firms from 2002 to 2011 operating in 59 countries with changes in macro-prudential regulations over this period we find some evidence that macroprudential policies are associated with lower credit growth, especially for small firms with limited non-bank financing. We also find an impact of macro-prudential policies on young firms in emerging markets. Our results point to un-intended consequences of macro-prudential tools for small firms’ financing and an important trade-off in financial stability and financial deepening.

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  • Thorsten Beck

    Thorsten Beck is professor of banking and finance at Cass Business School in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center from 2008 to 2013. Previously he worked in the research department of the World Bank and has also worked as consultant for – among others - the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.


  • WHEN: Thursday, January 25, 2018; 12:30-2:00PM
  • WHERE: DK4, Block H11, Faculty of Economics and Administration, University of Malaya
  • RSVP: Kindly RSVP by Wednesday, January 24, 2018