000			03941cam a22003617i 4500
999			_c11126 _d11126
001			22765317
005			20241223160853.0
008			220825s2020 dcua b 000 0 eng
010			_a 2021276450
020			_a1513512250
020			_a9781513512259 _qpbk.
040			_aDLC _beng _erda _cDLC
050	0	0	_aMLCM 2024/46292 (HD)
082			_a332.094 _bMAC 2020
100	1		_aArena, Marco, _eauthor.
245	1	0	_aMacroprudential policies and house prices in Europe / _cMarco Arena [and 7 others].
264		1	_aWashington, DC : _bInternational Monetary Fund, _c[2020]
300			_ax, 39 pages : _billustrations ; _c28 cm.
336			_atext _btxt _2rdacontent
337			_aunmediated _bn _2rdamedia
338			_avolume _bnc _2rdacarrier
490	0		_aInternational Monetary Fund. European Department ; _vNo. 20/03.
504			_aIncludes bibliographical references (pages 35-39).
520			_a"Recent years have seen an increasing use of macroprudential policies (MaPPs) in Europe. Since the global financial crisis, many European countries have implemented macroprudential frameworks and tools, producing an expanding body of empirical research on their effectiveness. In part, the goal of this research is to evaluate the effectiveness of macroprudential policy. This paper discusses how MaPPs have been used in Europe to address risks from the housing market and growing household indebtedness. It also documents developments in riskier mortgages, as well as house prices and credit related to the adoption of MaPPs. Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy. The paper presents evidence suggesting that MaPP implementation successfully limited systemic risk that could emerge from riskier mortgages and helped to build resilience. That said, many European countries' experiences have not yet spanned a full financial cycle, so any ensuing lessons and empirical evidence remain tentative. Overall, the findings suggest that borrower-based measures, supported by lender-based measures, helped limit the share of riskier mortgages. However, results are more mixed as to the ability of MaPPs to contain house prices and overall credit growth against the backdrop of still-accommodative monetary policy and other factors. This trend supports the notion that macroprudential policies are mainly aimed at strengthening resilience and containing systemic financial risks, rather than steering house prices and overall credit growth. Further, the wide range of institutional arrangements and policies being adopted across countries suggests that there is no one-size-fits all approach. The paper also notes that macroprudential policy effectiveness in influencing house prices through credit should be assessed in the context of other policies affecting house prices. House prices are a function of many drivers, such as supply of land, zoning, tax policy, etc. It should be also noted that to the extent that MaPPs are effective in contributing to reducing housing price growth, the reduction in price will come about via a reduction in demand, as MaPPs make (some) mortgages more expensive. To protect affected households, policymakers can strengthen various policies that promote housing affordability."--Executive Summary.
588	0		_aRecord based on description for electronic version.
650		0	_aHousing _xPrices.
650		0	_aHousing _xPrices _zEurope.
650		0	_aHousing _xPrices _zEurope, Central.
650		0	_aHousing _xPrices _zEurope, Eastern.
710	2		_aInternational Monetary Fund.
906			_a7 _bcbc _corigres _d4 _encip _f20 _gy-gencatlg
942			_2ddc _cCR