This paper analyses the causal impact of macroprudential policies on growth, using industry-leveldata for 89 countries for the period 1990 to 2021. The small industry size creates an exogenousidentiÖcation and avoids reverse-causality. I Önd that macroprudential tightening measures havea negative impact on manufacturing growth, but only for industries with high external Önancedependence. This e§ect is stronger during banking crises, periods of higher output growthand for advanced economi
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