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Macroprudential Policies And Housing Price
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Book Synopsis Macroprudential Policies and Housing Price by : Mr.Jerome Vandenbussche
Download or read book Macroprudential Policies and Housing Price written by Mr.Jerome Vandenbussche and published by International Monetary Fund. This book was released on 2012-12-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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).
Book Synopsis Macroprudential Policies and House Prices in Europe by : Mr.Marco Arena
Download or read book Macroprudential Policies and House Prices in Europe written by Mr.Marco Arena and published by International Monetary Fund. This book was released on 2020-02-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Book Synopsis House Prices and Macroprudential Policies: Evidence from City-level Data in India by : Bhupal Singh
Download or read book House Prices and Macroprudential Policies: Evidence from City-level Data in India written by Bhupal Singh and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-12-18 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing prices. There is compelling evidence of the effectiveness of macroprudential tools viz., Loan-to-value (LTV) ratio, risk weights, and provisioning requirements, in influencing housing price movements. A granular analysis suggests an even stronger impact on housing prices of a change in the regulatory LTV ratio for large-sized vis-à-vis small-sized mortgages, which buttresses their potency in fighting house price speculations. A tightening of the risk weights on the housing assets of banks causes significant downward pressure on house prices. Similarly, regulatory changes in standard asset provisioning on housing loans also influence house prices.
Book Synopsis Guyana: Housing Market and Implications for Macroprudential Policies by : Mr.Julian T Chow
Download or read book Guyana: Housing Market and Implications for Macroprudential Policies written by Mr.Julian T Chow and published by International Monetary Fund. This book was released on 2020-01-31 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guyana’s residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks’ housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks’ lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention.
Book Synopsis Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability by : Ms. Laura Valderrama
Download or read book Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability written by Ms. Laura Valderrama and published by International Monetary Fund. This book was released on 2023-03-24 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Anatomy of the Transmission of Macroprudential Policies by : Viral V. Acharya
Download or read book The Anatomy of the Transmission of Macroprudential Policies written by Viral V. Acharya and published by International Monetary Fund. This book was released on 2020-05-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—a?ect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Supervisory loan level data suggest that mortgage credit is reallocated from low-to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback loop between credit and house prices and slows down house price growth in “hot” housing markets. Consistent with constrained lenders adjusting their portfolio choice, more-a?ected banks drive this reallocation and substitute their risk-taking into holdings of securities and corporate credit.
Book Synopsis Key Aspects of Macroprudential Policy - Background Paper by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Key Aspects of Macroprudential Policy - Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-10-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Book Synopsis With Great Power Comes Great Responsibility by : Mr.Ivo Krznar
Download or read book With Great Power Comes Great Responsibility written by Mr.Ivo Krznar and published by International Monetary Fund. This book was released on 2014-05-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this paper is to assess the effectiveness of the policy measures taken by Canadian authorities to address the housing boom. We find that the the last three rounds of macroprudential policies implemented since 2010 were associated with lower mortgage credit growth and house price growth. The international experience suggests that—in addition to tighter loan-to-value limits and shorter amortization periods—lower caps on the debt-to-income ratio and higher risk weights could be effective if the housing boom were to reignite. Over the medium term, the authorities could consider structural measures to further improve the soundness of housing finance.
Book Synopsis Safeguarding Banks and Containing Property Booms by : Mr.Ashvin Ahuja
Download or read book Safeguarding Banks and Containing Property Booms written by Mr.Ashvin Ahuja and published by International Monetary Fund. This book was released on 2011-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the effectiveness of macroprudential policies against a number of different indicators of property sector activity and financial stability. At the cross-country level the use of LTV caps decelerates property price growth. Both LTV and DTI caps slow property lending growth. LTV caps also affect a broader range of financial stability indicators in economies with pegged exchange rates and currency boards. For Hong Kong SAR, LTV policy tends to be forward looking, with caps lowered to counter downward movements in mortgage rates, and higher growth in mortgage loan and volumes of transactions. The reduction in caps appears to respond to small and medium size flat price appreciation, and contributes to a decline in high-end volume growth after a year and total transactions volume growth after 11⁄2?2 years. Price growth responds favorably after 2 years. The evidence suggests LTV tightening could affect property activity through the expectations channel rather than through the credit channel.
Book Synopsis Monetary and Macroprudential Policy Rules in a Model with House Price Booms by : Mr.Pau Rabanal
Download or read book Monetary and Macroprudential Policy Rules in a Model with House Price Booms written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2009-11-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.
Book Synopsis Effectiveness and Channels of Macroprudential Instruments by : Mr.Thierry Tressel
Download or read book Effectiveness and Channels of Macroprudential Instruments written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2016-01-12 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.
Book Synopsis Experiences with Macroprudential Policy—Five Case Studies by : Mr. Salim M. Darbar
Download or read book Experiences with Macroprudential Policy—Five Case Studies written by Mr. Salim M. Darbar and published by International Monetary Fund. This book was released on 2015-06-19 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents case studies of macroprudential policy in five jurisdictions (Hong Kong SAR, the Netherlands, New Zealand, Singapore, and Sweden). The case studies describe the institutional framework, its evolution, the use of macroprudential tools, and the circumstances under which the tools have been used. The paper shows how macroprudential policy is conducted under a heterogeneous set of institutional frameworks. In all cases macroprudential tools have been used to address risks in the housing market. In addition, some of them have moved to enhance the resilience of their banks to more general cyclical and structural risks.
Book Synopsis Optimal Macroprudential Policy and Asset Price Bubbles by : Nina Biljanovska
Download or read book Optimal Macroprudential Policy and Asset Price Bubbles written by Nina Biljanovska and published by International Monetary Fund. This book was released on 2019-08-30 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.
Book Synopsis Macroprudential Policies, Economic Growth, and Banking Crises by : Mohamed Belkhir
Download or read book Macroprudential Policies, Economic Growth, and Banking Crises written by Mohamed Belkhir and published by International Monetary Fund. This book was released on 2020-05-22 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our empirical setup is designed to account for the potential direct and indirect effects that macroprudential policies can have on banking crises. We find that while macro-prudential policies exert a direct stabilizing effect, they also have an indirect destabilizing effect, which works through the depressing of economic growth. A Generalized Impulse Response Function analysis of a dynamic system composed of the probability of a banking crisis and economic growth reveals, however, that macroprudential policies have a positive net effect on financial stability (lower likelihood of systemic banking crises).
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498339514 Total Pages :68 pages Book Rating :4.4/5 (983 download)
Book Synopsis The Interaction of Monetary and Macroprudential Policies - Background Paper by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book The Interaction of Monetary and Macroprudential Policies - Background Paper written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-12-27 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.
Book Synopsis Balancing Financial Stability and Housing Affordability: The Case of Canada by : Mr.Troy D Matheson
Download or read book Balancing Financial Stability and Housing Affordability: The Case of Canada written by Mr.Troy D Matheson and published by International Monetary Fund. This book was released on 2019-08-02 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing market imbalances are a key source of systemic risk and can adversely affect housing affordability. This paper utilizes a stylized model of the Canadian economy that includes policymakers with differing objectives—macroeconomic stability, financial stability, and housing affordability. Not surprisingly, when faced with multiple objectives, deploying more policy instruments can lead to better outcomes. The results show that macroprudential policy can be more effective than policies based on adjusting propertytransfer taxes because property-tax policy entails excessive volatility in tax rates. They also show that if property-transfer taxes are used as a policy instrument, taxes targeted at a broader-set of homebuyers can be more effective than measures targeted at a smaller subset of homebuyers, such as nonresident homebuyers.
