Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/237304 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
CBM Working Papers No. WP/04/2020
Verlag: 
Central Bank of Malta, Valletta
Zusammenfassung: 
We extend the Central Bank of Malta's core DSGE model - MEDSEA - with housing and financial frictions to capture the important theoretical links betweeen house prices, credit and consumption. The model features a rich set of features that are inherent to small open economies in a monetary union. We add a borrowing constraint on a subset of households that is contigent on the value of housing wealth and a maximum loan-to-value (LTV) ratio. We also impose capital requirements on the financial intermediary through a minimum capital-to-assets ratio (CAR) constraint. These two requirements form the basis of a typical macroprudential regime in a developed economy. We show how the macroprudential authority can dampen the rise in credit and consumption during a credit boom by using these two policy tools to 'lean against the wind'. MEDSEA-FIN is therefore tailored to study macro-financial issues related to housing and credit, and the adequate policy responses.
Schlagwörter: 
borrowing constraints
loan-to-value ratio
capital-to-assets ratio
macroprudential policy
JEL: 
C54
E44
E58
E60
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.76 MB





Publikationen in EconStor sind urheberrechtlich geschützt.