| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14959 |
| DP14959 The Anatomy of the Transmission of Macroprudential Policies | |
| Viral Acharya; Katharina Bergant; Matteo Crosignani; Tim Eisert; Fergal McCann | |
| 发表日期 | 2020-06-28 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—affect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-affected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit. |
| 主题 | Financial Economics |
| 关键词 | Macroprudential regulation Household leverage Residential mortgage credit House prices |
| URL | https://cepr.org/publications/dp14959 |
| 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/543903 |
| 推荐引用方式 GB/T 7714 | Viral Acharya,Katharina Bergant,Matteo Crosignani,et al. DP14959 The Anatomy of the Transmission of Macroprudential Policies. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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