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Macroprudential Policies and Housing Price : A New Database and Empirical Evidence for Central, Eastern, and Southeastern Europe / Jerome Vandenbussche, Ursula Vogel, Enrica Detragiache.
- Format:
- Book
- Government document
- Author/Creator:
- Vandenbussche, Jérôme.
- Series:
- IMF Working Papers; Working Paper ; No. 2012/303
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Housing policy--Europe.
- Housing policy.
- Housing--Prices.
- Housing.
- Physical Description:
- 1 online resource (37 p.)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2012.
- Language Note:
- English
- Summary:
- 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).
- Contents:
- Cover; Contents; I. Introduction; II. A First Look at the Data; A. Housing Prices; B. Fundamental Macroeconomic and Demographic Variables; Figures; 1. Selected CESEE Countries: Seasonally-Adjusted Real House Price Index, 1997:Q1-2011:Q1; C. Macroprudential Policies; 2. Number of Macroprudential Policy Chances in the Dataset; 3. Selected CESEE Countries: Quarterly Changes in Strength of Prudential Regulation; 4. Selected CESEE Countries: Cumulative Changes in Strength of Prudential Regulation; Tables; 1. Summary Statistics; III. Econometric Model and Choice of Specification
- IV. Estimation ResultsA. Preliminary Regressions; 2. Macroprudential Policies and Housing Prices-Preliminary Regressions; B. Baseline Regression; 3. Prudential Policies and Housing Prices-Baseline Regression; 5. Dynamic Multiplier of Shock to Selected Macroprudential Policies; C. Are the Effects of MPPs Asymmetric?; V. Conclusions; 4. Macroprudential Polices and Housing Prices: Are the Effects Asymmetric?; References; Appendices; I. Data Sources; II. Description of Macroprudential Policy Measures and the Scoring Rules to Measure Their Intensity
- III. Macroprudential Policy Measures and Countries Where They Were Used
- Notes:
- Description based upon print version of record.
- Description based on print version record.
- ISBN:
- 9781475566369
- 1475566360
- 9781475587449
- 1475587449
- 9781299264625
- 129926462X
- 9781475594089
- 1475594089
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