Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/265222 
Year of Publication: 
2022
Series/Report no.: 
Bank of Canada Staff Working Paper No. 2022-28
Publisher: 
Bank of Canada, Ottawa
Abstract: 
Macroprudential policies are often aimed at the traditional banking sector while nondepository financial institutions or shadow banks have limited or no prudential regulations. This paper studies the macroeconomic impact of household-side macroprudential tightening in the presence of unregulated lenders. Our result shows that the presence of unregulated lenders dampens the impact of the policies on house prices and household debt. We also find that leakage to the unregulated sector increases when monetary policy is tightened.
Subjects: 
Monetary policy transmission
Financial institutions
Financial system regulation andpolicies
JEL: 
E44
E50
E52
E58
G21
G23
G28
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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