the easing of lending and borrowing constraints in mortgage credit markets for business cycle fluctuations in small open …-state levels. The importance of the demand channel in Peru is consistent with mortgage demand-boosting public programs enacted in …

deviation of housing investment risk produces a credit crunch where delinquencies and mortgage interest rates increase, lending … lower risk are characterized by lower steady-state mortgage default rates and higher loan-to-value and leverage ratios. The …

investment produces a credit crunch where delinquencies and mortgage interest rates increase, lending is curtailed, and aggregate … lower steady-state mortgage default rates and higher loan-to-value and leverage ratios. The macroeconomic effects of an …

), whereby the household can default on mortgage repayments, what leads to housing collateral seizure. Foreign-owned banks, that … are subject to risk-sensitive macroprudential capital requirements, take into account not only the mortgage default rate … risk. Therefore, a tightening of LTV requirement should result in only a slight reduction in mortgage lending, coupled with …

freely adjust outstanding debt (refinancing) and (ii) dominant mortgage type in the economy (fixed or adjustable rate). I … their disposable income (hand-to-mouth) net of payments on long-term mortgage. I find that the optimal simple policy rule … significantly depends on the ability to adjust debt and on mortgage type. Policy prescriptions based on models not accounting for …