Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212735 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 11/2012
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
In the wake of the 2008-2009 global financial crisis, the macroeconomic discussion has returned to the topic of proactive macroprudential policies. One proactive approach, the use of loan-to-value (LTV) policies to curb booming property markets, has long been used by Hong Kong's monetary authorities to actively manage and mitigate the potential fallout from housing price bubbles. Here, we analyse the merits of this countercyclical macroprudential policy in a New Keynesian DSGE model. We conclude that nonlinear LTV policy rules implemented in reaction to episodes of high property price inflation can limit transmission of housing price cycle effects to the real economy.
Schlagwörter: 
Macroprudential policy
DSGE model
loan-to-value ratio
Hong Kong
JEL: 
C63
E21
E32
E69
F41
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-742-9
Dokumentart: 
Working Paper

Datei(en):
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