Macroprudential Policies and Housing Price A New Database and Empirical Evidence for Central, Eastern, and Southeastern Europe

Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly freq...

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Bibliographic Details
Main Author: Vandenbussche, Jerome
Other Authors: Vogel, Ursula, Detragiache, Enrica
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Micro Finance Institutions 
653 |a Financial regulation and supervision 
653 |a Government and the Monetary System 
653 |a Property & real estate 
653 |a Currencies 
653 |a Housing Supply and Markets 
653 |a Money 
653 |a Housing prices 
653 |a Monetary economics 
653 |a Payment Systems 
653 |a Monetary Systems 
653 |a Mortgages 
653 |a Financial services law & regulation 
653 |a Credit 
653 |a Regimes 
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653 |a Real Estate 
653 |a Financial Institutions and Services: Government Policy and Regulation 
653 |a Financial Markets and the Macroeconomy 
653 |a Capital adequacy requirements 
653 |a Monetary Policy 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
653 |a Banks 
653 |a Reserve requirements 
653 |a Money and Monetary Policy 
653 |a Housing 
653 |a Asset requirements 
653 |a Standards 
653 |a Prices 
653 |a Depository Institutions 
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520 |a Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth)