TAILIEUCHUNG - Policies for Macrofinancial Stability: How to Deal with Credit Booms

The point of this table is to establish that adaptation is happening and to motivate how we use bank data to speak to tax evasion. A number of banks in southern Europe told us point blank that they have adaptation formulas to adjust clientsíreported income to the bankís best estimate of true income, and furthermore, that these adjustments are speciÖc to occupations. Table 1 shows evidence of adaptation in practice. Take the examples of lawyers, doctors, Önancial services, and accountants. In all of these occupations, the self-employed are paying over 100% of their reported income áows to debt servicing on consumer loans. Moreover, this lending is no. | I M F S T A F F D I S C U S S I O N N O T E June 7 2012 SDN 12 06 Policies for Macrofinancial Stability How to Deal with Credit Booms Giovanni Dell Ariccia Deniz Igan Luc Laeven and Hui Tong with Bas Bakker and Jérôme Vandenbussche I N T E R N A T I O N A L M O N E T A R Y F U N D INTERNATIONAL MONETARY FUND Research Department Policies for Macrofinancial Stability How to Deal with Credit Booms Prepared by Giovanni Dell Ariccia Deniz Igan Luc Laeven and Hui Tong1 with Bas Bakker and Jérôme Vandenbussche Authorized for distribution by Olivier Blanchard June 7 2012 DISCLAIMER This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF its Executive Board or its management. Staff Discussion Notes are published to elicit comments and to further debate. JEL Classification Numbers E58 G01 G28 credit booms financial stability macroprudential Keywords regulation macroeconomic policy gdellariccia@ digan@ llaeven@ htong@ Authors E-mail Addresses bbakker@ jvandenbussche@ 1The authors would like to thank Olivier Blanchard Claudio Borio Stijn Claessens Luis Cubeddu Laura Kodres Srobona Mitra José-Luis Peydró Ratna Sahay Marco Terrones and Kostas Tsatsaronis for useful comments and discussions. Roxana Mihet and Jeanne Verrier provided excellent research assistance. 2 Table of Contents Page Executive I. II. Credit Booms Definition and A. Macroeconomic Performance around Credit B. Long-Run Consequences of Credit C. Credit Booms and Financial III. What Triggers Credit Booms .13 IV. Can We Tell Bad from Good Credit Booms .15 V. Policy A. Monetary B. Fiscal Policy .21 C. Macroprudential Regulation. 23 VI. Tables 1. Economic 2. Long-Term Growth and Credit 3. Credit Booms Gone

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