|
|
|
|
| LEADER |
03732nmm a2200745 u 4500 |
| 001 |
EB002166615 |
| 003 |
EBX01000000000000001304393 |
| 005 |
00000000000000.0 |
| 007 |
cr||||||||||||||||||||| |
| 008 |
230704 ||| eng |
| 020 |
|
|
|a 9798400237775
|
| 100 |
1 |
|
|a Valderrama, Laura
|
| 245 |
0 |
0 |
|a Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability
|c Laura Valderrama
|
| 260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 2023
|
| 300 |
|
|
|a 46 pages
|
| 651 |
|
4 |
|a Czech Republic
|
| 653 |
|
|
|a Asset requirements
|
| 653 |
|
|
|a Credit
|
| 653 |
|
|
|a Real Estate
|
| 653 |
|
|
|a Banks
|
| 653 |
|
|
|a Finance
|
| 653 |
|
|
|a Industries: Financial Services
|
| 653 |
|
|
|a Financial sector policy and analysis
|
| 653 |
|
|
|a Housing; Prices
|
| 653 |
|
|
|a Mortgages
|
| 653 |
|
|
|a Money
|
| 653 |
|
|
|a Economics of specific sectors
|
| 653 |
|
|
|a Property & real estate
|
| 653 |
|
|
|a Currency crises
|
| 653 |
|
|
|a Cycles
|
| 653 |
|
|
|a Capital and Ownership Structure
|
| 653 |
|
|
|a Goodwill
|
| 653 |
|
|
|a Macroeconomics
|
| 653 |
|
|
|a Financial Risk and Risk Management
|
| 653 |
|
|
|a Financing Policy
|
| 653 |
|
|
|a Countercyclical capital buffers
|
| 653 |
|
|
|a Production Analysis and Firm Location: Government Policies
|
| 653 |
|
|
|a Economic policy
|
| 653 |
|
|
|a Depository Institutions
|
| 653 |
|
|
|a Economic & financial crises & disasters
|
| 653 |
|
|
|a Monetary economics
|
| 653 |
|
|
|a Financial institutions
|
| 653 |
|
|
|a Value of Firms
|
| 653 |
|
|
|a Economics: General
|
| 653 |
|
|
|a Housing Supply and Markets
|
| 653 |
|
|
|a Micro Finance Institutions
|
| 653 |
|
|
|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
|
| 653 |
|
|
|a Financial Institutions and Services: Government Policy and Regulation
|
| 653 |
|
|
|a Informal sector; Economics
|
| 653 |
|
|
|a Regulatory Policies
|
| 653 |
|
|
|a Banks and Banking
|
| 653 |
|
|
|a Financial Markets and the Macroeconomy
|
| 653 |
|
|
|a Financial regulation and supervision
|
| 653 |
|
|
|a Prices
|
| 653 |
|
|
|a Business Fluctuations
|
| 653 |
|
|
|a Macroprudential policy
|
| 653 |
|
|
|a Money and Monetary Policy
|
| 653 |
|
|
|a Financial services law & regulation
|
| 653 |
|
|
|a Housing prices
|
| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
| 989 |
|
|
|b IMF
|a International Monetary Fund
|
| 490 |
0 |
|
|a IMF Working Papers
|
| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2023/075/001.2023.issue-075-en.xml?cid=531346-com-dsp-marc
|x Verlag
|3 Volltext
|
| 082 |
0 |
|
|a 330
|
| 520 |
|
|
|a Housing market developments are in the spotlight in Europe. Over-stretched valuations amid tightening financial conditions and a cost-of-living crisis have increased risks of a sustained downturn and exposed challenging trade-offs for macroprudential policy between ensuring financial system resilience and smoothing the macro-financial cycle. Against this backdrop, this paper provides detailed considerations regarding how to (re)set macroprudential policy tools in response to housing-related systemic risk in Europe, providing design solutions to avoid unintended consequences during a tightening phase, and navigating the trade-offs between managing the build-up of vulnerabilities and the macro-financial cycle in a downturn. It also proposes a novel framework to measure the effectiveness of tools and avoid overlaps by quantifying the risks addressed by different macroprudential instruments. Finally, it introduces a taxonomy allowing to assess a country’s macroprudential stance and whether adjustments to current policy settings are warranted—such as the relaxation of capital-based tools and possibly some borrower-based measures in the event of a more severe downturn
|