作者：Acharya, Viral V.; Bergant, Katharina; Crosignani, Matteo; Eisert, Tim; Mccann, Fergal
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK; International Monetary Fund; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; European Central Bank; Central Bank of Ireland
摘要：We analyze how regulatory constraints on household leverage-in the form of loan-to-income and loan-to-value limits-affect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Loan-level data suggest that mortgage credit is reallocated from low- to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback between credit and house prices and slows house price growth in hot housing markets. Banks whos...
