The Anatomy of the Transmission of Macroprudential Policies /

The Anatomy of the Transmission of Macroprudential Policies /

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 reall...

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Bibliografiska uppgifter
Huvudupphovsman: Acharya, Viral
Övriga upphovsmän: Bergant, Katharina, Crosignani, Matteo, Eisert, Tim
Materialtyp: Tidskrift
Språk:English
Publicerad: Washington, D.C. : International Monetary Fund, 2020.
Serie:IMF Working Papers; Working Paper ; No. 2020/058
Ämnen:
Banks
Depository Institutions
Micro Finance Institutions
Mortgages
Länkar:Full text available on IMF
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100 1 |a Acharya, Viral. 
245 1 4 |a The Anatomy of the Transmission of Macroprudential Policies /  |c Viral Acharya, Katharina Bergant, Matteo Crosignani, Tim Eisert. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2020. 
300 |a 1 online resource (57 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a 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. 
538 |a Mode of access: Internet 
650 7 |a Banks  |2 imf 
650 7 |a Depository Institutions  |2 imf 
650 7 |a Micro Finance Institutions  |2 imf 
650 7 |a Mortgages  |2 imf 
700 1 |a Bergant, Katharina. 
700 1 |a Crosignani, Matteo. 
700 1 |a Eisert, Tim. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2020/058 
856 4 0 |z Full text available on IMF  |u https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2020&issue=058  |z IMF e-Library 

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