The real effects of borrower-based macroprudential policy: Evidence from administrative household-level data
利用荷兰行政税收和住房数据，研究抵押贷款价值比上限对家庭杠杆、流动性及财务困境的影响，发现政策降低了杠杆但带来偿付能力与流动性的权衡，同时减少了财务困境并改善了收入损失后的消费平滑。
We analyze the effects of borrower-based macroprudential policy at the household level. We exploit administrative Dutch tax and housing records in conjunction with the introduction of a mortgage loan-to-value (LTV) limit. We find that the regulation sharply reduces mortgage leverage with bunching at the LTV limit. While (regulation) affected households reduce total leverage and interest expenses, they also decrease cash balances to satisfy the LTV limit, generating an important solvency-liquidity trade-off. Nevertheless, affected households experience less financial distress after the introduction of the LTV regulation. Moreover, these households experience better liquidity management and smoother consumption following income loss. Overall, our results highlight the key financial stability and real effects of borrower-based macroprudential policy.