全球智库信息集成服务系统(G2TT): DP13503 Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13503
	DP13503 Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data
	Sjoerd van Bekkum; Rustom M Irani; Marc Gabarro; José-Luis Peydró
发表日期	2019-02-01
出版年	2019
语种	英语
摘要	We examine the effects of macroprudential policy for household leverage, liquidity, and default. For identification, we exploit the August 2011 introduction of a limit on mortgage loan-to-value ratios in the Netherlands, in conjunction with population tax-return and property ownership data linked to the universe of housing transactions. First-time homebuyers most affected by the policy shock substantially reduce household leverage and mortgage debt servicing costs by taking on less mortgage debt. Rather than buying more affordable homes or taking non-regulated loans, households consume greater liquidity in the year of home purchase to plug the funding gap. Improvements in household solvency are accompanied by a lower mortgage default rate; however, along the extensive margin, fewer households transition from renting into ownership. These effects are stronger among poorer households and those with fewer liquid assets.
主题	Financial Economics
关键词	Macroprudential policy Financial regulation Residential mortgages Household finance Household leverage Liquidity vs. solvency
URL	https://cepr.org/publications/dp13503
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/542319
推荐引用方式 GB/T 7714	Sjoerd van Bekkum,Rustom M Irani,Marc Gabarro,et al. DP13503 Macroprudential Policy and Household Leverage: Evidence from Administrative Household-Level Data. 2019.