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Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies / Kenneth N. Kuttner, Ilhyock Shim.
- Format:
- Book
- Author/Creator:
- Kuttner, Kenneth N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w19723.
- NBER working paper series no. w19723
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2013.
- Summary:
- Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is significantly affected by changes in the maximum debt-service-to-income (DSTI) ratio, the maximum loan-to-value ratio, limits on exposure to the housing sector and housing-related taxes. But only the DSTI ratio limit has a significant effect on housing credit growth when we use mean group and panel event study methods. Among the policies considered, a change in housing-related taxes is the only policy tool with a discernible impact on house price appreciation.
- Notes:
- Print version record
- December 2013.
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