Arbeitspapier
Evaluating heterogeneous effects of housing-sector-specific macroprudential policy tools on Belgian house price growth
This paper analyzes whether housing-related macroprudential policy has heterogeneous effects on house price growth in local housing markets. More specifically, we employ an extensive dataset of Belgian municipalities containing a multitude of drivers of local house price dynamics and examine the potential heterogeneity of housing-related macroprudential policy changes driven by local characteristics related to financial constrained and high-risk borrowers, the degree of local housing market activity, and changes in local household indebtedness. We find more dampening effects of the common macroprudential policy tightenings on local house price growth for municipalities characterized by low-income and young citizens, which furthermore increase in hot housing markets. Our findings shed more light on the geographical heterogeneity of national macroprudential policy changes, which indicate the possibility to stabilize local housing market booms.
- Sprache
-
Englisch
- Erschienen in
-
Series: NBB Working Paper ; No. 421
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
Central Banks and Their Policies
Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
local housing markets
heterogeneity
dynamic panel data
quantile regressions
De Schryder, Selien
- Handle
- Letzte Aktualisierung
-
12.07.2024, 13:22 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Coulier, Lara
- De Schryder, Selien
- National Bank of Belgium
Entstanden
- 2022
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