| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13503 |
| DP13503 Take It to the Limit? The Effects of Household Leverage Caps | |
| Sjoerd van Bekkum; Rustom M Irani; Marc Gabarro; José-Luis Peydró | |
| 发表日期 | 2019-02-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We analyze the effects of borrower-based macroprudential policy at the household-level. For identification, we exploit administrative Dutch tax-return and property ownership data linked to the universe of housing transactions, and the introduction of a mortgage loan-to-value limit. The regulation reduces mortgage leverage, with bunching in its limit. Ex-ante more-affected households substantially reduce overall leverage and debt servicing costs but consume greater liquidity to satisfy the regulation. Improvements in household solvency result in less financial distress and, given negative idiosyncratic shocks, better liquidity management. However, fewer households transition from renting into ownership. All of these effects are stronger for liquidity-constrained households. |
| 主题 | Financial Economics |
| 关键词 | Macroprudential policy Residential mortgages Solvency vs. liquidity tradeoff Household leverage Loan-to-value ratio |
| URL | https://cepr.org/publications/dp13503-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542320 |
| 推荐引用方式 GB/T 7714 | Sjoerd van Bekkum,Rustom M Irani,Marc Gabarro,et al. DP13503 Take It to the Limit? The Effects of Household Leverage Caps. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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