Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice
利用以色列贷款数据，研究贷款价值比限制如何促使借款人选择更便宜、离市中心更远、位于较低社会经济地位社区的住房，并导致利率上升和贷款金额下降。
Abstract This study provides novel evidence regarding the effects of loan-to-value (LTV) limits on housing choices. Using a detailed loan-level dataset, I exploit the introduction of LTV limits in Israel. I find that the LTV limits led borrowers to choose housing units that were more affordable, farther from the central business district, and in lower socioeconomic neighborhoods. Additionally, these LTV limits increase interest rates and decrease loan amounts. The findings of this study indicate that macroprudential policies, which focus on the stability of the financial system, have micro implications on location choices, commuting costs, and movement to less-advantaged areas.