Macroprudential policies. The Romanian case.

Romania was one of many emerging economies that have been affected by the excessive credit growth, the excessive price assets growth driven by the credit growth and by the foreign currency lending. The national macro-prudential tool kit was diverse and used to solve these issues both before and during the latest financial crisis. Analyzing the efficiency of these tools, it can be argued that those designed to prevent the build-up of systemic risks in the expansionary phase did not worked as they should, but this situation is not a country specific one, many other ...