Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/216797 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Economic Working Paper Series No. 1682
Verlag: 
Universitat Pompeu Fabra (upf), Department of Economics and Business, Barcelona
Zusammenfassung: 
We analyze the effects of borrower-based macroprudential policy at the household-level. For identification, we exploit administrative Dutch tax-return and property ownership data linked to the universe of housing transactions, and the introduction of a mortgage loan-to-value limit. The regulation reduces mortgage leverage, with bunching in its limit. Ex-ante more-affected households substantially reduce overall leverage and debt servicing costs but consume greater liquidity to satisfy the regulation. Improvements in household solvency result in less financial distress and, given negative idiosyncratic shocks, better liquidity management. However, fewer households transition from renting into ownership. All of these effects are stronger for liquidity-constrained households.
Schlagwörter: 
macroprudential policy
residential mortgages
solvency vs. liquidity tradeoff
household leverage
loan-to-valud ratio
JEL: 
E21
E58
G21
G28
G51
Dokumentart: 
Working Paper

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