| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15275 |
| DP15275 Macroprudential Policy, Mortgage Cycles and Distributional Effects: Evidence from the UK | |
| José-Luis Peydró; Jagdish Tripathy; Francesc Rodriguez Tous; Arzu Uluc | |
| 发表日期 | 2020-09-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Macroprudential regulators worldwide have introduced regulations to limit household leverage in light of existing evidence which suggests that high leverage is associated with household distress during crisis. We analyse the distributional effects of such a macroprudential policy on mortgage and house price cycles. For identification, we exploit the universe of UK mortgages and a 15%-limit imposed in 2014 on lenders—not households—for high loan-to-income ratio (LTI) mortgages. Despite some regulatory arbitrage (e.g. increases in LTV and average loan size), more-constrained lenders issue fewer high-LTI mortgages. Partial substitution by less-constrained lenders leads to overall credit contraction to low-income borrowers in local-areas more exposed to constrained-lenders, lowering house price growth. Following the Brexit referendum (which led to house-price correction), the 2014-policy strongly implies—via lower pre-correction debt—better house prices and mortgage defaults during an episode of house price correction. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Macroprudential policy Mortgages Credit cycles Inequality House prices |
| URL | https://cepr.org/publications/dp15275 |
| 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/544250 |
| 推荐引用方式 GB/T 7714 | José-Luis Peydró,Jagdish Tripathy,Francesc Rodriguez Tous,et al. DP15275 Macroprudential Policy, Mortgage Cycles and Distributional Effects: Evidence from the UK. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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