Joint impact of monetary and macroprudential policies on output in Vietnam: Evidence from the bank credit channel and state-dependent analysis

Joint impact of monetary and macroprudential policies on output in Vietnam: Evidence from the bank credit channel and state-dependent analysis | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Joint impact of monetary and macroprudential policies on output in Vietnam: Evidence from the bank credit channel and state-dependent analysis Bao Nguyen Khac Quoc, Tinh Pham Duy This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7843713/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract This study examines the joint impact of monetary and macroprudential policies on economic output in Vietnam. The research provides evidence from the bank credit channel, revealing a significant non-linear relationship between bank credit and economic output. The role of macroprudential policy in this nonlinear nexus is state-dependent. During severe economic downturns, it lessens the severity of the downturn of the inverted U-shaped relationship. Conversely, during strong expansions, macroprudential policy can sharpen the downturn of this relationship. The study offers novel empirical insights into the state-dependent and opposing effects of policy interactions at economic extremes, highlighting implications for sustainable growth. Paper type : Research paper Macroprudential Policy Bank Credit Channel Economic Output Quantile Regression Full Text Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. 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