Macroprudential Policies and Housing Prices— A New Database and Empirical Evidence for Central, Eastern, Southeastern Europe

International Monetary Fund

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Date Published 2012
Primary Author Jérôme Vandenbussche
Other Authors Ursula Vogel, Enrica Detragiache
Theme House Price Indices


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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