Macroprudential policies and housing prices : a new database and empirical evidence for Central, Eastern, and South-Eastern Europe / prepared by Jérôme Vandenbussche, Ursula Vogel, and Enrica Detragiache
Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade's credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some--but not all--measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth)
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Title from PDF title page (IMF Web site, viewed Jan. 2, 2013)
