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240607 ||| eng |
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|a 9798400250965
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|a Sher, Galen
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|a Borrower-Based Macroprudential Instruments in Germany
|c Galen Sher
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 36 pages
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| 651 |
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4 |
|a Germany
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| 653 |
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|a Real Estate
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Industries: Financial Services
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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 Housing
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| 653 |
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|a Mortgages
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| 653 |
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|a International organization
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| 653 |
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|a Property & real estate
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| 653 |
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|a International institutions
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| 653 |
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|a International Economics
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Macroprudential policy instruments
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| 653 |
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|a International Agreements and Observance
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| 653 |
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|a Economic policy
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| 653 |
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|a Production Analysis and Firm Location: Government Policies
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| 653 |
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|a Depository Institutions
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| 653 |
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|a International Organizations
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| 653 |
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|a Financial sector stability
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial institutions
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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 International agencies
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| 653 |
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|a Housing Supply and Markets
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| 653 |
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|a Micro Finance Institutions
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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 Loans
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| 653 |
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|a Regulatory Policies
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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 Financial services industry
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| 653 |
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|a Prices
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| 653 |
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|a Monetary policy
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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 Central Banks and Their Policies
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Finance: General
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| 653 |
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|a Housing prices
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| 041 |
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|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 |
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|a Selected Issues Papers
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| 028 |
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|a 10.5089/9798400250965.018
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| 856 |
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|u https://elibrary.imf.org/view/journals/018/2023/060/018.2023.issue-060-en.xml?cid=536843-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a 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 macroprudential policy in Germany by explaining how borrower-based measures could strengthen financial stability, macroeconomic stability, and consumer protection; explaining how potential concerns about these instruments could be addressed; offering approaches to initial calibrations of instruments for further analysis; and hinting at their likely effects based on other countries’ experiences. The paper also uses a microsimulation model to show that activating borrower-based measures could provide as much capital to the banking system as the capital buffer requirements that were activated in 2022
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