NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Ilhyock Shim

Bank for International Settlements
Representative Office for Asia and the Pacific
78th floor, Two IFC, Central, Hong Kong

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NBER Working Papers and Publications

December 2013Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies
with Kenneth N. Kuttner: w19723
Using data from 57 countries spanning more than three decades, this paper investigates the effectiveness of nine non-interest rate policy tools, including macroprudential measures, in stabilizing house prices and housing credit. In conventional panel regressions, housing credit growth is significantly affected by changes in the maximum debt-service-to-income (DSTI) ratio, the maximum loan-to-value ratio, limits on exposure to the housing sector and housing-related taxes. But only the DSTI ratio limit has a significant effect on housing credit growth when we use mean group and panel event study methods. Among the policies considered, a change in housing-related taxes is the only policy tool with a discernible impact on house price appreciation.

Published: Kenneth N. Kuttner & Ilhyock Shim, 2016. "Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies," Journal of Financial Stability, . citation courtesy of

 
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