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Macroprudential Policy Tools in Norway: Strengthening Financial System Resilience

Jin, Yosuke; Lenain, Patrick; O'Brien, Paul - Economics Department, Organisation de Coopération et … - 2014

In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low … considerations on resource allocation in the housing market. This Working Paper relates to the 2014 OECD Economic Survey of Norway … (www.oecd.org/eco/surveys/economic-survey-norway.htm).<P>Les instruments macroprudentiels en Norvège : Renforcer la …

Persistent link: https://www.econbiz.de/10011276979

Macro to the rescue? : an analysis of macroprudential instruments to regulate housing credit

Falter, Alexander - 2019

This paper builds a macro model with a financial sector and a housing market to understand the transmission and effects of macroprudential instruments addressing mortgage credit. The model compares the introduction of a loan-to-value ratio (LTV), a countercyclical capital buffer (CCyB)-style...

Persistent link: https://www.econbiz.de/10012034723

Real estate and the great crisis : lessons for macro-prudential policy

Duca, John V.; Popoyan, Lilit; Wachter, Susan M. - 2016

From a broad macro-financial structure perspective, overly easy credit conditions gave rise to house price booms and busts in several advanced economies (e.g., Ireland, Spain, and the U.S.), and, more specifically in the U.S., an underpricing of risk made possible by regulatory arbitrage and...

Persistent link: https://www.econbiz.de/10011509124

Real Estate and the Great Crisis : Lessons for Macro-Prudential Policy

Duca, John V. - 2017

From a broad macro-financial structure perspective, credit conditions have gaven rise to house price booms and busts in several advanced economies (e.g., Ireland, Spain, and the U.S.), and, more specifically in the U.S., an underpricing of risk made possible by regulatory arbitrage and shadow...

Persistent link: https://www.econbiz.de/10012953036

The effects of macroprudential policies on house price cycles in an agent-based model of the Danish housing market

Cokayne, Graeme - 2019

Following the global financial crisis, many countries have introduced or tightened macroprudential policies. Using an agentbased model (ABM), this paper seeks to measure the impact on house price cycles of two distinct borrower-based macroprudential instruments, namely loan-to-income and...

Persistent link: https://www.econbiz.de/10012017491

Interactions of Macroprudential and Monetary Policy in an Agent-Based Model of the Housing Market

Freund, Christian - 2017

We explore the interaction of monetary and macroprudential policy in a simple agent-based model of the housing market. Our model shows that the impact of monetary policy on housing market dynamics is smaller than the impact of macroprudential regulation. While both maximum loan-to-value ratios...

Persistent link: https://www.econbiz.de/10012954236

The drivers of Norway's house prices

Sila, Urban - 2020

In this paper, we explore the drivers of house prices in Norway, using a cross-country panel framework. Empirical … Norway are principally driven by market fundamentals – high household incomes, wealth, low interest rates and a growing … prices suggests that house prices in Norway have been overvalued to a degree since the global financial crisis. Some …

Persistent link: https://www.econbiz.de/10012203289

Electoral cycles in macroprudential regulation

Müller, Karsten - 2019

Do politics matter for macroprudential policy? I show that changes to macroprudential regulation exhibit a predictable electoral cycle in the run-up to 221 elections across 58 countries from 2000 through 2014. Policies restricting mortgages and consumer credit are systematically less likely to...

Persistent link: https://www.econbiz.de/10012135983

Enhancing bank supervision in Asia : lessons learned from the financial crisis

Zamorski, Michael J.; Lee, Minsoo - 2015

The global financial crisis underlined that sound and effective bank regulation is vital to financial stability. Assessments of the global financial crisis invariably point to ineffective finance regulation and supervision as the main reasons for the onset of the crisis and its severity. In...

Persistent link: https://www.econbiz.de/10011305260

Credit risk transfer and de facto GSE reform

Finkelstein, David L.; Strzodka, Andreas; Vickery, James - 2018

We summarize and evaluate Fannie Mae and Freddie Mac's credit risk transfer (CRT) programs, which have been used since 2013 to shift a portion of credit risk on more than $1.8 trillion of mortgages to private sector investors. We argue that the CRT programs have been successful in reducing the...

Persistent link: https://www.econbiz.de/10011806244

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