{
  "title": "Differential Effects of Macroprudential Policy",
  "publication": "IMF Working Papers, February 24, 2023",
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  "summary": "We explore the differential effects of lender-based macroprudential policies on new mortgage borrowing for households of different income using a comprehensive dataset that links macroprudential policy actions with household survey data for European Union countries.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Title: Differential Effects of Macroprudential Policy\n- Authors: Nina Biljanovska, Sophia Chen\n- Date: February 24, 2023\n- Series: Working Paper No. 2023/043\n- Short description: Explores differential effects of lender-based macroprudential policies on new mortgage borrowing for households of different income using a comprehensive dataset linking macroprudential policy actions with household survey data for European Union countries."
    },
    {
      "heading": "Main results and findings",
      "content": "- Higher-income households on average experience a larger reduction in mortgage loan size than lower-income households when regulation targeting total lenders’ assets tightens.\n- Lower-income households on average experience a larger reduction in mortgage loan size than higher-income households when regulation targeting lenders’ capital requirements tightens.\n- The paper provides evidence of the different channels through which the differential effects operate."
    },
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      "heading": "Data, scope, and approach",
      "content": "- Dataset links macroprudential policy actions with household survey data for European Union countries.\n- Focus on lender-based macroprudential policies and new mortgage borrowing across household income groups."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Financial institutions, Financial sector policy and analysis, Income, Loans, Macroprudential policy, Macroprudential policy instruments, Mortgages, National accounts\n- Keywords: capital requirement, capital requirements, differential effect, Global, higher-income household, Household borrowing, household income, Income, income distribution, Loans, macroprudential policy, Macroprudential policy instruments, Mortgages\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/02/24/differential-effects-of-macroprudential-policy-530168"
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    "Authors: Nina Biljanovska, Sophia Chen",
    "Published: February 24, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400235719.001",
    "Title: Differential Effects of Macroprudential Policy",
    "Authors: Nina Biljanovska, Sophia Chen",
    "Date: February 24, 2023",
    "Series: Working Paper No. 2023/043",
    "Short description: Explores differential effects of lender-based macroprudential policies on new mortgage borrowing for households of different income using a comprehensive dataset linking macroprudential policy actions with household survey data for European Union countries.",
    "Higher-income households on average experience a larger reduction in mortgage loan size than lower-income households when regulation targeting total lenders’ assets tightens.",
    "Lower-income households on average experience a larger reduction in mortgage loan size than higher-income households when regulation targeting lenders’ capital requirements tightens.",
    "The paper provides evidence of the different channels through which the differential effects operate.",
    "Dataset links macroprudential policy actions with household survey data for European Union countries.",
    "Focus on lender-based macroprudential policies and new mortgage borrowing across household income groups.",
    "Subject: Financial institutions, Financial sector policy and analysis, Income, Loans, Macroprudential policy, Macroprudential policy instruments, Mortgages, National accounts",
    "Keywords: capital requirement, capital requirements, differential effect, Global, higher-income household, Household borrowing, household income, Income, income distribution, Loans, macroprudential policy, Macroprudential policy instruments, Mortgages",
    "**Working Paper**"
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