Macroprudential policies and housing prices a new database and empirical evidence for Central, Eastern, and South-Eastern Europe - Vandenbussche, Jérôme (International Monetary Fund, 2012)
Title from PDF title page (IMF Web site, viewed Jan. 2, 2013). - "European Department.". - "December 2012."
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)
Includes bibliographical references