| 简介： | We study the macroeconomic and welfare implications of macroprudential policies in a small open economy DSGE model with cross-border bank financing. Consistent with the empirical evidence, our model shows macroprudential policies that regulate the leverage of banks lower the growth in credit during economic booms, but result in more cross-border bank borrowing. This composition shift partially offsets the leverage constraint so that macroprudential policies are less effective in financially more integrated economies. |