Safeguarding Banks and Containing Property Booms: Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR
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 af...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/284 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (27 p) |
| ISBN: | 1463927185 9781463927189 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Nabar, Malhar Verfasser aut Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR Nabar, Malhar Washington, D.C International Monetary Fund 2011 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/284 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 Online-Ausg Ahuja, Ashvin Sonstige oth http://elibrary.imf.org/view/IMF001/12337-9781463927189/12337-9781463927189/12337-9781463927189.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Nabar, Malhar Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| title | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| title_auth | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| title_exact_search | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| title_exact_search_txtP | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| title_full | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR Nabar, Malhar |
| title_fullStr | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR Nabar, Malhar |
| title_full_unstemmed | Safeguarding Banks and Containing Property Booms Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR Nabar, Malhar |
| title_short | Safeguarding Banks and Containing Property Booms |
| title_sort | safeguarding banks and containing property booms cross country evidenceon macroprudential policies and lessons from hong kong sar |
| title_sub | Cross-Country Evidenceon Macroprudential Policies and Lessons From Hong Kong SAR |
| url | http://elibrary.imf.org/view/IMF001/12337-9781463927189/12337-9781463927189/12337-9781463927189.xml |
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