THE CREDIT-TO-GDP GAP AND COMPLEMENTARY INDICATORS FOR MACROPRUDENTIAL POLICY: EVIDENCE FROM THE UK: COMMENT

摘要

The paper proposed by Oliver Bush and his coauthors considers different indicators which may help to guide the setting of macroprudential policy in the case of the UK. The authors take advantage of the availability of a large set of data regarding key variables for macroprudential issues. In particular, they scrutinized in detail several variables related to credit-to-GDP. They also analyzed additional variables that have also been identified previously as being useful in identifying banking crisis. By focusing on one single country (the UK) and one single type of crisis (banking), they argue that they could focus more accurately on individual series and that they could provide more detail about the context of the crisis under scrutiny.