“…Research conducted by Arnold et al (2012); Shi et al (2014); Tomuleasa, (2015); Tovar et al (2012) explain the importance of macro-prudential policy in minimizing systemic risk in the financial system. Systemic risk may stem from a trend of financial cycles following the economic cycle, as well as with procyclical credit growth having potential as a systemic risk (Arnold et al, 2012;López, et al, 2014;Bianchi, et al, 2016). Research López et al (2014); Bianchi, et al (2016) provide an overview in mitigating systemic risk arising from the procyclical credit growth of an early warning system.…”