| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19723 |
| 来源ID | Working Paper 19723 |
| Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies | |
| Kenneth N. Kuttner; Ilhyock Shim | |
| 发表日期 | 2013-12-12 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is significantly affected by changes in the maximum debt-service-to-income (DSTI) ratio, the maximum loan-to-value ratio, limits on exposure to the housing sector and housing-related taxes. But only the DSTI ratio limit has a significant effect on housing credit growth when we use mean group and panel event study methods. Among the policies considered, a change in housing-related taxes is the only policy tool with a discernible impact on house price appreciation. |
| 主题 | Financial Economics ; Financial Institutions ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w19723 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577397 |
| 推荐引用方式 GB/T 7714 | Kenneth N. Kuttner,Ilhyock Shim. Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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