Germany's macroprudential policy toolkit is well-developed, but its key missing piece is a set of instruments related to a borrower's income. In addition, existing powers to adopt LTV limits have not yet been deployed. Against this background, this paper advances the discussion of borrower-based...

The paper evaluates the outcomes of the borrower-based macroprudential policy measures that were introduced in Estonia in 2015. The core of the analysis is the response of the credit market in 2016-2021 to the upper limit on the debt-service-to-income ratio for new housing loans. The paper...

Nepal is a country made up of primarily villages and rural areas where the agricultural sector is predominant. Nepal Rastra Bank (NRB) introduced the working guidelines related to interest subsidy for concessional loans in 2018 A.D. Despite massive lending in the agriculture sector in Nepal by...

We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing...

We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing...