G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14959
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
URLhttps://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.
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