Supporting Data, Code, and Documentation for “Policy Interactions and Systemic Stability: How Monetary Conditions Influence Macroprudential Effectiveness?”

This repository contains supporting data, code, and documentation for the article “Policy Interactions and Systemic Stability: How Monetary Conditions Influence Macroprudential Effectiveness?” The study examines how monetary policy conditions affect the effectiveness of macroprudential instruments using a panel of 37 countries from 2011 to 2021 and fixed-effects and system-GMM models. Our results show that only tools targeting bank capital and liquidity significantly reduce systemic risk, measured via an aggregate country-level banks’ Z-score. Importantly, their effectiveness is substantially weakened under a restrictive monetary stance, revealing a critical policy interaction transmitted through bank profitability. The materials include publicly shareable datasets, Taylor Gap data, available data-management and estimation code, and documentation of data sources and of the procedures used to generate the manuscript tables and figures. Because the original Thomson Reuters data are proprietary and cannot be redistributed, they are not included in this repository. Instead, synthetic counterparts of the Reuters-derived variables are provided, together with documentation of the extraction filters and data-processing procedures.