国际清算银行：2024宏观审慎政策对工业增长的影响报告（英文版）

This paper analyses the causal impact of macroprudential policies on growth, using industry-level data for 89 countries for the period 1990 to 2021. The small industry size creates an exogenous identiÖcation and avoids reverse-causality. I Önd that macroprudential tightening measures have a negative impact on manufacturing growth, but only for industries with high external Önance dependence. This e§ect is stronger during banking crises, periods of higher output growth and for advanced economi