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The Anatomy of the Transmission of Macroprudential Policies
Viral V. AcharyaKatharina BergantMatteo CrosignaniTim EisertFergal McCann
出版International Monetary Fund, 2020-05-22
主題Business & Economics / Real Estate / GeneralBusiness & Economics / Industries / Financial ServicesBusiness & Economics / Banks & Banking
ISBN15135451599781513545158
URLhttp://books.google.com.hk/books?id=t7AaEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect 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-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.