Out of 48 countries considered in the study, 35 adopted some of the macroprudential policies identified. This amounts to 73%, a significant fraction. However, there is large concentration in few policies. In effect, the most commonly adopted policies are those aimed at reducing the vulnerability of borrowers. For instance, the most widely used measure across countries is caps on Loanto-value. They have been present in 24 out of 48 countries studied in the period that ranges from 2000 to 2010. Two more countries should be added that adopted similar policies (Debtto-income caps). Overall, 54% of countries applied this type of measure. The second most common objective of macroprudential policies adopted is reducing credit growth, with 14 out of 48 advanced and emerging countries (29% of the sample) having used one or more of the instruments in this group. Six countries opted for direct caps on credit growth, five for reserve requirements, nine for dynamic-loan loss provisioning, among which two also applied countercyclical capital requirements. Finally, limiting foreign currency exposure was adopted by eight countries, while restrictions on profit distribution by six. 2  BIS central bankers’ speeches  As mentioned before, there have been several studies assessing the impact of macroprudential policies in cross-country settings. 1 For the sake of brevity, I will focus on the results of variables that have been tested in at least five studies.
Can non-interest rate policies stabilize housing markets?. Evidence from a panel of 57 countries. BIS Working Paper no 433. Lim, C.H., F. Columba, A. Costa, P. Kongsamut, A. Otani, M. Saiyid, T. Wezel and X. Wu (2011). Macroprudential policy: what instruments and how to use them? Lessons from country experiences. Working paper 11/238, International Monetary Fund. Peek, J., E. Rosengren and G.M.B. Tootell (2015). Should U.S. Monetary Policy have a Ternary Mandate?, Federal Reserve Bank of Boston, mimeo. Tovar Mora, C.E., M. Garcia-Escribano and M. Vera Martin (2012). Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America. Zhang, L. and E. Zoli (2014). Leaning Against the Wind: Macroprudential Policy in Asia. Working paper 14/22, International Monetary Fund. BIS central bankers’ speeches  7