Macroprudential Policy, Mortgage Cycles, and Distributional Effects: Evidence from the United Kingdom

• 成果类型: Article
• 署名作者: Peydro, Jose-Luis; Rodriguez-Tous, Francesc; Tripathy, Jagdish; Uluc, Arzu
• 署名单位: Imperial College London; Centre for Economic Policy Research - UK; Bank of England
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad070
• 发表日期: 2024
• 页码: 727
• 关键词: monetary-policy; credit; COMPETITION; selection; debt

摘要

We analyze the distributional effects of macroprudential policy on mortgage cycles by exploiting the U.K. mortgage register and a 2014 15% limit imposed on lenders' high loan-to-income (LTI) mortgages. Constrained lenders issue fewer and more expensive high-LTI mortgages, with stronger effects on low-income borrowers. Unconstrained lenders strongly substitute high-LTI loans in local areas with higher constrained lender presence, but not high-LTI loans to low-income borrowers-consistent with adverse selection problems-implying lower overall credit to low-income borrowers. Consistently, policy-affected areas experience lower house price growth postregulation and, following the Brexit referendum (negative aggregate shock), better house price growth and lower mortgage defaults for low-income borrowers.Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online