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8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr Pnrkns
Cale-ta-Wlcun Vack`y ls l Hl`raprudnetklc Taac:Tmn @lsn ag Rnskdnetklc Hartilin Cales ke Lskl
Vntnr J. Harile, Vluca Jasë Rniks,led Ekhnsm Plckon
Ea. >2=Hly 26
Lskle Dnvncaphnet Bleo Kestktutn
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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Tmn Yarokei Vlpnr snrkns ks l `aetkeultkae ag tmn garhnrcy elhnd Dks`usskae Vlpnr snrkns?tmn euhbnrkei ag tmn plpnrs `aetkeund wktmaut ketnrruptkae ar `mlein. LDBK‛s warokeiplpnrs rngcn`t kektklc kdnls ae l tapk` led lrn pastnd aecken gar dks`usskae. LDBK ne`aurlinsrnldnrs ta past tmnkr `ahhnets ae tmn hlke plin gar nl`m warokei plpnr (ikvne ke tmn`ktltkae bncaw). Pahn warokei plpnrs hly dnvncap keta atmnr garhs ag pubck`ltkae.
Puiinstnd ̀ ktltkae:
Harile, V., V. J. Rniks, led E. Plckon. 26. Cale-ta-Wlcun Vack`y ls l Hl`raprudnetklcTaac: Tmn `lsn ag Rnskdnetklc Hartilin Cales ke Lskl. LDBK Yarokei Vlpnr >2=. Taoya: Lskle Dnvncaphnet Bleo Kestktutn. Lvlkclbcn: mttp://www.ldbk.ari/warokei-plpnr/26/6>/2 Olsuhkilsnok, @mkyadl-ouTaoya >66Glx: +=;0->>9<^RC: www.ldbk.ariN-hlkc: kegaFldbk.ari
© 26 Lskle Dnvncaphnet Bleo Kestktutn
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Lbstrl`t
@rndkt `rnltkae ke tmn mauskei hlront mls bnne l ony saur`n ag systnhk` gkele`klc rkso, ledtmnrngarn ks lt tmn `netnr ag tmn dnbltn ae hl`raprudnetklc pack`kns. Tmn cale-ta-vlcun (CTW)rltka ks l wkdncy usnd hl`raprudnetklc taac lkhnd lt hadnrltkei hartilin cale `rnltkae, ledkts nggn`tkvnenss ennds ta bn nstkhltnd nhpkrk`lccy. Tmks plpnr ks uekqun ke tmlt kt lelcyznstmn nggn`t ag CTW ae hartilin cnedkei, tmn dkrn`t `mleenc ag kegcune`n, uskei l clrin slhpcnag bleos ke
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
@aetnets
0. Nhpkrk`lc Ptrltniy...................................................................................................... 7
0.
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
ktnh ke bleos‛ blcle`n smnnts tmlt smaucd bn lelcyznd rltmnr tmle sahn hnlsurn agavnrlcc gkele`klc stlbkckty, ls ke hu`m ag tmn prnvkaus cktnrlturn. Atmnr studkns wktm lbleo-cnvnc lppral`m ke`cudn @clnssnes nt lc. (26
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
`y`ck`lckty, led tmnkr nggn`tkvnenss ks snesktkvn ta tmn typn ag sma`o gl`kei tmn gkele`klcsn`tar. Ke l skhkclr study, @rawn nt lc. (26
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Ke lddktkae, ta `mn`o tmn rabustenss ag aur rnsucts, le lctnreltkvn gue`tkaelc garh ks`aeskdnrnd wktm CTW ketnrl`tkae tnrhs wmnrn CTW lggn`ts eat aecy hartilin cales butlcsa tmn khpl`ts ag tmn atmnr dntnrhkelets ag tmn dnpnednet vlrklbcn. Gurtmnrharn, tmnlelcysks ks nxtnednd uskei tmn Bckednr-Alxl`l `auetnrgl`tulc dn`ahpasktkae pra`ndurn,l harn `ahprnmneskvn hntmadacaiy wmnrn absnrvltkaes lrn dkvkdnd ke twa iraups—`lsns wktm led wktmaut CTW pack`kns. Lcsa, tmn dn`ahpasktkae tlons keta l``auet tmnclrin euhbnr ag autcknrs hlokei usn ag tmn HH-nstkhltar led rabust hnles. Tmndkggnrne`n ke (rabust) hnles ag hartilin cale irawtm ks `ahputnd led nxpclkend bytmrnn ̀ ahpaenets: nedawhnets, ̀ anggk`knets, led ketnrl`tkaes nggn`ts.
0.< Hadnc Ppn`kgk`ltkae
Ta lssnss tmn nggn`tkvnenss ag tmn CTW pack`y ls hl`raprudnetklc taac ae tmn hartilincale hlront, aur nhpkrk`lc strltniy `ahplrns n`aeahkns led ynlrs wmnrn tmn pack`ywls khpcnhnetnd wktm lctnreltkvn `auetry-ynlr `ahbkeltkaes wmnrn tmn pack`y wls eatusnd. Rnskdnetklc hartilin cales (RHC) ag bleo k `le bn dns`rkbnd ls l gue`tkae ag
batm kedkvkdulc bleo `aedktkaes led hl`ran`aeahk` `auetry j -spn`kgk` vlrklbcns,ke`cudnd ke tmn vn`tars led , rnspn`tkvncy:
8 6 + ΐ + έ + + (
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn 0: Dltl Paur`nsWlrklbcn Paur`n Nxpn`tnd Pkie
Dnpnednet vlrklbcn
Rnskdnetklc hartilin cales Bleos`apn
Hlke vlrklbcn ag ketnrnst
Cale-ta-vlcun rltka pack`y Barka led Pmkh (2669) led `netrlc bleos ‐Bleo-spn`kgk` vlrklbcns
@ustahnrs‛ Dnpaskts Bleos`apn +
Eae-pnrgarhkei cales Bleos`apn +/−
Ketnrnst ta Eae-KetnrnstKe`ahn rltka
Bleos`apn +
Ckqukd Lssnts Bleos`apn ‐
N`aeahy-spn`kgk` vlrklbcns
Eahkelc ketnrnst rltn KHG, DIBLP (gar Tlkpnk,@mkel) ‐
Rnlc ketnrnst rltn KHG, DIBLP (gar Tlkpnk,@mkel) ‐
Eahkelc sta`o prk`n kednx [lmaa Gkele`n ‐
@urrnet l``auet blcle`n KHG, DIBLP (gar Tlkpnk,@mkel) +
Rnlc nx`mlein rltn KHG +
Rnlc IDV kednx Yarcd Bleo, DIBLP (gar Tlkpnk,@mkel) +Rnlc mausn prk`n kednx IVI, Eltkaelc Mauskei Bleo (Kedkl), Bleo
Kedaenskl, Bleo ag Tmlkcled ‐
@VK kegcltkae LDB ‐
@VK kegcltkae garn`lst LDB ‐
Rnlc IDV kednx garn`lst LDB (LDA), KHG (YNA) +
Hartilin kesurle`n pack`y Kedkvkdulc `netrlc bleos +
Eatns: LDB 8 Lskle Dnvncaphnet Bleo? LDA 8 Lskle Dnvncaphnet Autcaao? @VK 8 `aesuhnr prk`n kednx?DIBLP 8 Dkrn`tarltn Inenrlc ag Budint, L``auetkei led Ptltkstk`s? IVI 8 Icablc Vrapnrty Iukdn (lvlkclbcn
lt www.icablcprapnrtyiukdn.`ah)? KHG 8 Ketnreltkaelc Haentlry Gued? YNA 8 Yarcd N`aeahk` Autcaao.
Paur`ns: Lskle Dnvncaphnet Bleo Ptltkstk`lc Dltlblsn Pystnh (PDBP) dltlblsn(mttp://www.ldb.ari/dltl/sdbs), l``nssnd
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn 4: Puhhlry Ptltkstk`s TlbcnRabust Ptd.
Wlrklbcn Abs. Hnle Hnle Dnv. Ponwenss Ourtasks
Rnskdnetklc hartilin cales (cais) 9== ;.>72= ;.26 ‐6.>9;; 0.2;;2@ustahnrs Dnpaskts (cais) 9=6
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
wls kektklccy abtlkend grah Barka led Pmkh (2669). Mawnvnr, ikvne tmlt tmn kegarhltkaeenndnd ta bn updltnd gar tmn cltnr ynlrs, wn suppcnhnetnd tmks wktm kegarhltkaepubcksmnd by kedkvkdulc `netrlc bleos. Gurtmnr kegarhltkae wls `accn`tnd grah atmnrhndkl rnparts led da`uhnets.
Aen ag tmn hljar kssuns ta mledcn ks tmn nxkstne`n ag autcknrs. Tmks wls nspn`klccy trungar tmn bleo-spn`kgk` vlrklbcns led ke plrtk`uclr tmn dnpnednet vlrklbcn, RHC. Tmnsuhhlry stltkstk`s ag tmn vlrklbcns ke tmn hadnc smaw l mkim dnirnn ag sonwenss ledourtasks (Tlbcn 4). Gurtmnrharn, tmn ilp bntwnne tmn hkekhuh led hlxkhuh vlcuns agsahn ag tmn vlrklbcns ks vnry mkim (gar nxlhpcn,
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
nstkhltar ag Raussnnuw led [amlk (6% but tmny hly mlvn caw nggk`kne`y (agtne cnss tmle 06%), sa tmnnstkhltns hly bn uebklsnd but mlvn le ke`rnlsnd vlrkle`n `ahplrnd ta nstkhltnsgrah cnlst squlrns. Tmnrngarn, tmn clrinr tmn prnsne`n ag autcknrs, tmn bnttnr tmnpnrgarhle`n ag tmn P-nstkhltar. Gkelccy, tmn HH-nstkhltar nhnrind, wmk`m `ahbkenstmn mkim brnlopaket ag tmn P-nstkhltars (>6%) led tmn mkim nggk`kne`y ag tmn H-nstkhltars. Kt ks blsnd ae tmn ktnrltkvn wnkimtnd cnlst squlrn lciarktmh ag tmn H-nstkhltar wmnrn tmn stlrtkei vlcun ks ikvne by tmn P-nstkhltar. Tmks nstkhltar wls gkrstketradu`nd by [amlk (
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
0.4 Cale-ta-Wlcun Nggn`ts: Eaeckenlrktkns
Tmn skhpcn rncltkaesmkp ke (2) hly bn nxplednd ta `aeskdnr rk`mnr dkggnrne`ns bntwnnen`aeahkns wktm led wktmaut CTW. L elturlc nxpleskae ag aur lelcysks waucd lccaw gar
ketnrl`tkae tnrhs ag tmn atmnr vlrklbcns wktm CTW, luihnetkei nqultkae (2) ls:
8 6 +
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
gkttnd snplrltncy gar tmn twa iraups, CTW nqulc ta znra led aen, ls ke (4) led (>). Yn
bnike by nxprnsskei tmn hnle dkggnrne`n ag ls tmn dkggnrne`n ke tmn ckenlr prndk`tkaeag tmn iraup-spn`kgk` hnles ag tmn rnirnssars ke :
8 (8<
) − (86
) 8 (8<
)′Ϋ8<
− (86
)′Ϋ86
(9)
Gaccawkei Dlyhaet led Ledrkslek (
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
znra wmkcn ourtasks ks nqulc ta tmrnn, rngnrne`n hliektudns gar tmn earhlc dkstrkbutkae,mlvn lcsa bnne ke`cudnd gar tmnsn twa stltkstk`s.
Tmn cailrktmhk` trlesgarhltkae hly hktkiltn tmn nggn`t ag tmn clrin euhbnr ag autcknrs ketmn rkimt skdn ag tmn dkstrkbutkae, ls wncc ls kts sonwenss, gar vlrklbcns su`m ls
hartilin cales, dnpaskts, led tmn sta`o prk`n kednx, but lcsa gar atmnr vlrklbcns ta bn`aeskdnrnd cltnr (su`m ls irass dahnstk` pradu`t _IDVX) smaws tmn kektklc nstkhltns wmnrn ynlr duhhy vlrklbcns wnrn ke`cudnd ke lcc
`lsns ta `aetrac gar ynlr nggn`ts (`anggk`knets eat rnpartnd). Tmn gkrst twa `acuhes smawtmn blsk` hadnc wktmaut tmn CTW vlrklbcn. @acuhes (0)‐(4) led (>)‐(7) ke`cudnn`aeahy led bleo gkxnd nggn`ts, rnspn`tkvncy. @acuhes (9) led (=) nckhkeltn bleo gkxndnggn`ts by trlesgarhkei lcc vlrklbcns ta gkrst dkggnrne`ns. Rnsucts grah cnlst squlrns lrnikvne ke tmn add `acuhes wmkcn tmn nvne `acuhes prnsnet tmn rnsucts grah tmn HH-nstkhltar. Tmn lelcysks ag tmn sonwenss led ourtasks ag tmn rnskdulcs smaws tmnkhpravnhnets ke tmn rnskdulcs grah tmn HH-nstkhltar. Tmks ks nspn`klccy trun wmneketradu`kei tmn gkrst dkggnrne`n trlesgarhltkae ke (=) ske`n nktmnr sonwenss ar ourtaskstned ta bn clrinr wmne `aeskdnrkei n`aeahy (4) led bleo (7) gkxnd nggn`ts. Ke tmn `lsnag snvnrlc lctnreltkvn spn`kgk`ltkaes wktm bleo gkxnd nggn`ts ls ke (7), tmn ourtasks kslcwlys clrinr tmle wmne `aeskdnrkei le lctnreltkvn spn`kgk`ltkae ke gkrst dkggnrne`ns lske (=).% grah bncaw) ag tmn absnrvltkaes. Ikvne tmn dnirnnag autcknr `aetlhkeltkae, ley atmnr nstkhltar wktm l caw brnlodawe paket waucd
prablbcy pnrgarh bldcy.Blsnd ae aur gkrst-dkggnrne`n spn`kgk`ltkae, tmn clst twa `acuhes prnsnet tmn hastketnrnstkei rnsucts. Tmks ks tmn nstkhltkae ag nqultkae (2) wktm vlrklbcns ke gkrstdkggnrne`ns, tmn CTW vlrklbcn led tkhn gkxnd nggn`ts. Tmn CTW duhhy vlrklbcn ksstltkstk`lccy skiekgk`let led eniltkvncy `arrncltnd wktm hartilin cales. Aur rnsucts`aegkrh tmn mypatmnsks tmlt CTW `lps rndu`n tmn irawtm ag hartilin cales, wmk`m hlymlvn l pasktkvn khpl`t ae hl`ran`aeahk` stlbkckty. Ke Tlbcn 4, tmn rabust hnle ag tmnrnskdnetklc hartilin cale irawtm rltn ks 9.=%. Tmn hliektudn ag tmn `anggk`knet ke`acuhe (
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
scawnr ke n`aeahkns wktm le CTW `lp pack`y. Kt ks khpartlet ta hlon tmn `ahplrksaerncykei ae rabust nstkhltars led rabust hnles. Ymkcn tmn rnskdnetklc hartilin caleirawtm rltn rabust hnle ks 9.=%, tmn `clssk` hnle ks
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Gkiurn %, sa tmn gkrst blr ta tmn cngt (6%‐6.6>%) ks eat tmn pnr`netlin ag absnrvltkaes wktmwnkimt znra grah Tlbcn < (but `casn).
Paur`n: Lutmars‛ nstkhltns.
Tmn dkstrkbutkae ag tmn wnkimts ke rnirnsskae (.Mawnvnr, tmn s`lttnrpcat ke Gkiurn 2 smaucd bn ketnrprntnd wktm sahn `lrn. Autcknrs lrnkdnetkgknd by tmnkr wnkimts, l hnlsurn tmlt rnckns ae lcc tmn dkhneskaes ag tmn dltl sntsled eat aecy ke tmn twa dkhneskaes pcattnd mnrn. Kt ks netkrncy passkbcn tmlt leabsnrvltkae ks `aeskdnrnd ls le autcknr (k.n., l caw wnkimt) lctmauim kt hly ckn `casn tatmn rnirnsskae cken ke Gkiurn 2 kg tmn autcknrenss ks dun ta sahn atmnr `mlrl`tnrkstk` agtmn dltl (n.i., l rlrn hliektudn ke nktmnr tmn ketnrnst rltn ar tmn sta`o prk`n kednx).
6
>
< 6
< >
2 6
2 >
0 6
0 >
4 6
6 6.2 6.4 6.7 6.= <
Cnvncs: ea GN
6
>
< 6
< >
2 6
2 >
0 6
0 >
4 6
6 6.2 6.4 6.7 6.= <
Cnvncs: @auetry GN
6
>
< 6
< >
2 6
2 >
0 6
0 >
4 6
6 6.2 6.4 6.7 6.= <
Cnvncs: Bleo GN
6
>
< 6
< >
2 6
2 >
0 6
0 >
4 6
6 6.2 6.4 6.7 6.= <
Gkrst Dkgg: ea GN
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Gkiurn 2: Autcknrs led CTW
CTW 8 cale-ta-vlcun? GD 8 gkrst dkggnrne`n.
Eatns: Tmn mkstairlh ae tmn cngt smaws tmn dkstrkbutkae ag tmn wnkimts ag rnirnsskae ( (44<abs). Tmn nkimt hast nxtrnhn autcknrs wnrn nx`cudnd gah tmn s`lttnr pcat ta hlon tmn rnhlkekei absnrvltkaesnlsknr ta snn.
Paur`n: Lutmars‛ nstkhltns.
4.2 Lctnreltkvn Ppn`kgk`ltkaesTlbcns 7 led 9 nxpled tmn snt ag `aetracs ta bn `aeskdnrnd ta tnst wmntmnr tmn rnsuctsgar CTW lrn rabust ta lctnreltkvn spn`kgk`ltkaes. Tlbcn 7 `aeskdnrs lddktkaelc vlrklbcnsgrah le apne n`aeahy pnrspn`tkvn: `urrnet l``auet blcle`ns, nx`mlein rltns, ledketnrnst rltn dkggnrnetklcs. Pahn tmnarntk`lc gauedltkaes ta justkgy tmn ketradu`tkae agtmnsn vlrklbcns hly bn gaued ke tmn ue`avnrnd ketnrnst plrkty (^KV) tmnary led tmnketnirltkae ag shlcc n`aeahkns keta tmn ketnreltkaelc `lpktlc hlronts led mne`n tmnkrckeos ta tmn dahnstk` mauskei hlront. Nx`mlein rltns led pnrskstnet `urrnet l``auetkhblcle`ns hly mlvn le khpl`t ae tmn gkele`klc sn`tar, ke`cudkei hartilin cales. Garnxlhpcn, @unstls led Ptlnmr (26
< 6
< >
2 6
2 >
0 6
0 >
4 6
6 6.2 6.4 6.7 6.= <
- <
6
<
2
-.> 6 .> < Dnpaskts (cais-GD)
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn 7: Apne N`aeahy Ppn`kgk`ltkaes
(*** 6.>***
(6.696) (6.696) (6.676) (6.676) (6.69
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
`urrne`kns mls hldn kevnsthnet ke tmnkr mauskei hlronts harn lttrl`tkvn, ne`aurlikeitmn irawtm ag hartilin cales.
Tlbcn 9 ldds atmnr n`aeahy-spn`kgk` vlrklbcns (IDV, mausn prk`ns, kegcltkae,nxpn`tltkaes lbaut IDV led kegcltkae, led prnsne`n ar lbsne`n ag hartilin kesurle`n
pack`y
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn 9: Lddktkaelc @aetrac Wlrklbcns
(
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
vlrklbcns. Ckqukd lssnts bn`ahn eae-skiekgk`let, but twa ag tmn ketnrl`tkae tnrhs lrneaw skiekgk`let: tmn sta`o prk`n kednx led tmn nx`mlein rltn. Tmn dkrn`t nggn`t ag CTW(k.n., tmn `anggk`knet ag CTW) dans eat `mlein hu`m (grah ‐6.6>< ta ‐6.64=), but eaw ktks stltkstk`lccy skiekgk`let lt aecy ) (27) (29) (2=) (2;) (06)
@ustahnrs‛ dnpaskts 6.4;;*** 6.4;=*** 6.070** 6.=;9*** 6.=;0*** 6.277
(6.6=4) (6.6=0) (6.4) (6.672) (6.
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Rnirnsskae (2=) draps twa vlrklbcns tmlt wnrn eat skiekgk`let ke (2>), wmkcn rnirnsskaes(2;) led (06) `aeskdnr CTW iraups < led 2 snplrltncy lilke. Ke rnirnsskae (2=), CTW ksskiekgk`let lt 7 led lcc tmn ketnrl`tkae tnrhs lrnskiekgk`let lt cnlst lt >%, nx`npt gar IDV. Tmn `ahplrksae ag rnirnsskaes (2;) led (06)suiinsts CTW mls l `cnlr kegcune`n ae tmn khpartle`n ag tmn atmnr dntnrhkelets aghartilin cales. Ke n`aeahkns wmnrn CTW pack`kns lrn khpasnd, mausn prk`ns (aurpraxy gar mausn hlront `aedktkaes) bn`ahn keskiekgk`let, ls wncc ls dnpaskts, wmk`m kstmn vlrklbcn ke aur slhpcn hast `casncy rncltnd ta tmn `rndkt `y`cn. Mawnvnr, tmnappasktn snnhs ta bn tmn `lsn rnilrdkei hl`ran`aeahk` `aedktkaes: batm IDV ledtmn nx`mlein rltn wnrn eat skiekgk`let wmne CTW86, but bn`ahn skiekgk`let kg CTWpack`y ks ldaptnd. Mkimnr n`aeahk` irawtm led nx`mlein rltn lpprn`kltkae snnh tane`aurlin hartilin cales. Clstcy, tmn sta`o prk`n kednx `mleins skie wmne CTW8.2 pnr`netlin pakets bntwnne tmn twa iraups: hartilin cales iraw lt
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Tlbcn ;: Tmn Bckednr-Alxl`l Dn`ahpasktkae ag tmn Nggn`t ag CTW
Iraup Hnles:
CTW86 (iraup
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
pnr`netlin paket dkggnrne`n ks eat aecy l stltkstk`lccy skiekgk`let nggn`t, but lcsa quktnclrin ke hliektudn. CTW mls lcsa sahn kedkrn`t nggn`ts tmrauim kts khpl`t ae`anggk`knets ag tmn atmnr dntnrhkelets ag hartilin cales—bleo dnpaskts ke plrtk`uclr.
Tmks study ga`usns ae tmn rncnvle`n ag CTW pack`y ke tmn hartilin hlront ikvne tmnclrin hliektudn ag cale irawtm absnrvnd ke tmn kedkvkdulc bleo dltl ke Lsklen`aeahkns. Tmn hartilin hlront mls bnne nxpledkei rlpkdcy, nspn`klccy ke sahn agtmn `auetrkns ag tmn rnikae—tmn Vnapcn‛s Rnpubck` ag @mkel, Hlclyskl, led Tmlkcled—led twa-dkikt irawtm ke hartilin cales ks eat rlrn. Mlvkei l taac ta nggn`tkvncy rniucltntmnkr nxpleskae ks lt tmn `arn ag tmn `ae`nres ag gkele`klc stlbkckty pack`yhlonrs ke tmnrnikae.
24
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
RNGNRNE@NP*
BKP. 26
8/21/2019 Loan-to-Value Policy as a Macroprudential Tool: The Case of Residential Mortgage Loans in Asia
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LDBK Yarokei Vlpnr >2= Harile, Rniks, led Plckon
Kile, D., led M. Olei. 26