عنوان مقاله [English]
After the 2008–09 global financial crisis, preventing credit and housing price booms has become a major priority for policy-makers in both advanced and emerging market countries. To this end, policy instruments beyond those in the conventional macroeconomic policy are being considered, and many countries are in the process of developing an institutional framework to use them on a regular basis. In this paper, by constructing an index for macro prudential policies in 30 advanced and emerging economies covering the period from 2000: Q1 to 2015: Q4. We assess the effectiveness of these policies in curbing housing price appreciation and credit growth by using a GMM dynamic panel data model. The results reveals that the macro prudential policies (housing-non-housing and overall)by itself were not successful in curbing the housing price growth and credit growth, while the interaction of monetary and macro prudential policies was effective in curbing both the credit growth and housing price growth. Monetary policy in interaction with policies which targeting the housing sector were successful in curbing housing prices, while for curbing the credit growth the non housing policies were more effective.Generally,The effectiveness of these policies in limiting the credit growth was more than in curbing housing price.