The Effectiveness of Macroprudential Policy on Credit Growth at Bank-Level Data in Vietnam

• 발행기관: 한국유통과학회
• 저자명: Hau Trung NGUYEN Anh Thi Hoang PHAM Thuy T. DANG
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.8, 325~334쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.08.30

영문 초록

The study investigates the effectiveness of the macroprudential policy on credit growth in Vietnam. The authors use the logic of the transmission mechanism of macroprudential policy on credit growth. Research variables include economic growth, inflation, interest rate, and quarterly bank-level data from 28 commercial banks in Vietnam during 2011–2018. The results reveal that: (i) GDP growth had a positive impact on credit growth of small banks but had no impact on large banks, (ii) Domestic Systemically Important Banks (D-SIBs) and small banks respond differently to macroprudential measures of imposing different credit growth targets for different bank groups, (iii) Restrictions on foreign currency loans are found to be effective in curbing credit growth for the full sample and small banks, (iv) Inflation and economic cycle have significantly impacted credit growth at bank-level in Vietnam and (v) Interestingly, a significant positive relationship between interest rates and credit growth is found for the full sample and D-SIBs in Vietnam. The findings suggest that a stable macroeconomic environment should be good conditions for financial stability, and monetary authority should pay more attention to small banks’ behaviors than D-SIBs behavior, toward such “administration” tools since small banks tend to prefer “breaking the rules” to make profits.

목차

1. Introduction

2. Literature Review

3. Model Specifications

4. Evaluating Effectiveness of Macroprudential Policy in Vietnam

5. Conclusion

키워드

Macroprudential Policy Credit Growth Transmission Mechanism Bank-Level Data Vietnam