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-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

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Year of publication:	2020
Authors:	Acharya, Viral
Other Persons:	Bergant, Katharina (contributor) ; Crosignani, Matteo (contributor) ; Eisert, Tim (contributor) ; McCann, Fergal (contributor)
Publisher:	[2020]: [S.l.] : SSRN
Subject:	Finanzmarktaufsicht \| Financial supervision \| Geldpolitik \| Monetary policy

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Extent:	1 Online-Ressource (58 p)
Series:	IMF Working Paper ; No. 20/58
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2020 erstellt
Other identifiers:	10.2139/ssrn.3623875 [DOI]
Classification:	G21 - Banks; Other Depository Institutions; Mortgages ; E21 - Consumption; Saving ; E44 - Financial Markets and the Macroeconomy ; E58 - Central Banks and Their Policies ; R21 - Housing Demand ; E01 - Measurement and Data on National Income and Product Accounts and Wealth ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; D4 - Market Structure and Pricing ; G01 - Financial Crises
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012831608