G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w19723
来源IDWorking 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
URLhttps://www.nber.org/papers/w19723
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577397
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GB/T 7714
Kenneth N. Kuttner,Ilhyock Shim. Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies. 2013.
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