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The Impact of Borrower-Based Measures: An International Comparison

Author

Listed:
  • Moretti, Laura

    (Central Bank of Ireland)

  • Riva, Luca

    (Central Bank of Ireland)

Abstract

In a sample of 17 European countries, we find that the adoption of borrower-based measures reduces house price growth, house-price-to-income growth, and growth in household debt over GDP. We do not find significant effects on the homeownership rate. Moreover, our results show that different types of instruments have different effects, with income-based instruments having a stronger impact on reducing the growth rate of household debt, while loan-to-value limits have a stronger impact on house price growth.

Suggested Citation

  • Moretti, Laura & Riva, Luca, 2025. "The Impact of Borrower-Based Measures: An International Comparison," Central Bank Staff Insights 6/SI/25, Central Bank of Ireland.
    • Handle: RePEc:cbi:stafin:6/si/25
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    File URL: https://www.centralbank.ie/publication/research-publications/staff-insights/the-impact-of-borrower-based-measures--an-international-comparison
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