调整宏观审慎政策:贷款价值限额和住房选择

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-05-04 DOI:10.1093/rfs/hhad035

Nitzan Tzur-Ilan

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引用次数: 2

摘要

这项研究为贷款价值比限制对住房选择的影响提供了新的证据。使用详细的贷款水平数据集，我利用了以色列LTV限额的引入。我发现，贷款价值比限制导致借款人选择更实惠、远离中央商业区、社会经济水平较低的社区的住房。此外，这些贷款价值比限制提高了利率，减少了贷款金额。这项研究的结果表明，关注金融系统稳定性的宏观审慎政策对区位选择、通勤成本和向弱势地区的转移具有微观影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice

This study provides novel evidence regarding the effects of loan-to-value (LTV) limits on housing choices. Using a detailed loan-level dataset, I exploit the introduction of LTV limits in Israel. I find that the LTV limits led borrowers to choose housing units that were more affordable, farther from the central business district, and in lower socioeconomic neighborhoods. Additionally, these LTV limits increase interest rates and decrease loan amounts. The findings of this study indicate that macroprudential policies, which focus on the stability of the financial system, have micro implications on location choices, commuting costs, and movement to less-advantaged areas.

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.