The effects of macroprudential policy restricting housing investor credit supply
研究了澳大利亚两项限制住房投资者信贷的宏观审慎政策，发现它们显著减少了投资者贷款和购房份额，并压低了投资者细分市场的房价，证明此类政策有效。
We study the effects on the housing market of two macroprudential policies in Australia restricting credit supply to residential housing investors. The first policy placed a bank-level cap on mortgage credit growth to investors. The second policy placed a bank-level cap on interest-only lending, which is predominantly used by investors. Both policies caused a large and sharp reduction in new investor lending relative to new owner-occupier lending. Using unit-record data on property sales and listings, we show that the restrictions on investor lending reduced the share of properties purchased by investors and reduced the relative price of properties in investor segments of the market. Our results demonstrate the potential efficacy of macroprudential policy restricting credit supply to investors.