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Differential Effects of Macroprudential Policy

Author

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  • Nina Biljanovska
  • Sophia Chen

Abstract

We explore the differential effects of lender-based macroprudential policies on new mortgage borrowing for households of different income using a comprehensive dataset that links macroprudential policy actions with household survey data for European Union countries. The main results suggest that higher-income households on average experience a larger reduction in mortgage loan size than lower-income households when regulation targeting total lenders’ assets tightens. In contrast, lower-income households on average experience a larger reduction in mortgage loan size than higher-income households when regulation targeting lenders’ capital requirements tightens. We also provide evidence of the different channels through which the differential effects operate.

Suggested Citation

  • Nina Biljanovska & Sophia Chen, 2023. "Differential Effects of Macroprudential Policy," IMF Working Papers 2023/043, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2023/043
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