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Diverse Outreach of Macroprudential Policy Effect on Household and Non-Financial Corporate Loan: An Indication of Macroprudential Policy Leak?

ETIKONOMI · Vol. 21 No. 2 (2022) · pp. 229–238

DOI
10.15408/etk.v21i2.24304
ISSN
2461-0771, 1412-8969
Published
2022-06-24
Publisher
Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Language
eng

Abstract

Despite increasing awareness of the importance of countercyclical policies to overcome financial system instability, the potential leak of such policies comes to attention due to economic agents' risk-taking behavior. This paper aims to investigate the potential leaks of the policy. Using the Estimator General Method of Moments-difference (GMM-diff), we found evidence that macroprudential policies are less functional in controlling non-financial firms' credit growth than household credit growth. The result amplifies hesitation about the effectiveness of macroprudential policy caused by potential leaks coming from non-financial firms' risk-taking behavior. We also found that macroprudential policy in developing countries is less effective than in developed countries. Hence, the financial stability goal cannot rely solely on macroprudential policy. Instead, it needs support from other mutual policies, such as the capital control policy and transparent regulatory boundaries, to prevent partial risk shift from regulated financial institutions to unregulated, prevalent in the less developed financial system.JEL Classification: E42, E44, E52, E58

Keywords

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8 authors · 7 co-authorship links

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Co-authorOrganisationJoint articles
Benny ImantriaAffiliation unknown1
Syifa FauziahAffiliation unknown1
Nurul QolbiAffiliation unknown1
FX SugiyantoAffiliation unknown1
Muhammad Adnan AssidiqAffiliation unknown1
Fira SyarwadinaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, first harvested 8 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Diverse Outreach of Macroprudential Policy Effect on Household and Non-Financial Corporate Loan: An Indication of Macroprudential Policy Leak?</dc:title>
	<dc:creator xml:lang="en">Sukma, Khoirul</dc:creator>
	<dc:creator xml:lang="en">Kurnia, Akhmad Syakir</dc:creator>
	<dc:subject xml:lang="en">macroprudential policies</dc:subject>
	<dc:subject xml:lang="en">policy leaks</dc:subject>
	<dc:subject xml:lang="en">household credit growth</dc:subject>
	<dc:subject xml:lang="en">non-financial corporate credit</dc:subject>
	<dc:description xml:lang="en">Despite increasing awareness of the importance of countercyclical policies to overcome financial system instability, the potential leak of such policies comes to attention due to economic agents' risk-taking behavior. This paper aims to investigate the potential leaks of the policy. Using the Estimator General Method of Moments-difference (GMM-diff), we found evidence that macroprudential policies are less functional in controlling non-financial firms' credit growth than household credit growth. The result amplifies hesitation about the effectiveness of macroprudential policy caused by potential leaks coming from non-financial firms' risk-taking behavior. We also found that macroprudential policy in developing countries is less effective than in developed countries. Hence, the financial stability goal cannot rely solely on macroprudential policy. Instead, it needs support from other mutual policies, such as the capital control policy and transparent regulatory boundaries, to prevent partial risk shift from regulated financial institutions to unregulated, prevalent in the less developed financial system.JEL Classification: E42, E44, E52, E58 </dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2022-06-24</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
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	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/24304</dc:identifier>
	<dc:identifier>10.15408/etk.v21i2.24304</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 21 No. 2 (2022); 229-238</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/24304/pdf</dc:relation>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/24304/16744</dc:relation>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/24304/16745</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2022 Akhmad Syakir Kurnia</dc:rights>
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