Vliv vybraných nástrojů makroprudenční politiky na úvěrový růst

Abstract

The subject of the thesis is the macroprudential policy and its instruments, which are aimed at maintaining financial stability. The aim of the thesis is to evaluate the effect of macroprudential policy instruments on credit growth in the European Union countries during 2000-2015. The analysis was performed using a linear dynamic regression model with panel data. A generalized method of moments was used to estimate the model. This method is used to estimate dynamic models with panel data and endogenous variables. The results of the estimation confirm the persistence of credit growth and the positive effect of real economic growth on credit growth. However, the main result is confirmation of the negative effect of macroprudential policy instruments on credit growth.