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200301 ||| eng |
| 020 |
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|a 9781498300872
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| 100 |
1 |
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|a Poghosyan, Tigran
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| 245 |
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0 |
|a How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries
|c Tigran Poghosyan
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2019
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| 300 |
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|a 42 pages
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| 651 |
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4 |
|a Hong Kong Special Administrative Region, People's Republic of China
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| 653 |
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|a Real Estate
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| 653 |
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|a Housing
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Prices
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| 653 |
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|a Banking
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Interest rates
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| 653 |
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|a Monetary economics
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Financial services
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| 653 |
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|a Money
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Central bank policy rate
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| 653 |
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|a Macroprudential policy instruments
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| 653 |
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|a Property & real estate
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Housing prices
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| 653 |
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|a Foreign banks
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| 653 |
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|a Studies of Particular Policy Episodes
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Financial sector policy and analysis
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| 653 |
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|a Financial institutions
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| 653 |
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|a Housing Supply and Markets
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Credit
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| 653 |
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|a Banks and banking, Foreign
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| 653 |
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|a General Financial Markets: Government Policy and Regulation
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Mortgages
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a Banks
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| 653 |
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|a Economic policy
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498300872.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2019/045/001.2019.issue-045-en.xml?cid=46640-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018. The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities
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