## Differential Effects of Macroprudential Policy

_IMF Working Papers, February 24, 2023_

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## Bibliographic details
- Authors: Nina Biljanovska, Sophia Chen
- Published: February 24, 2023
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400235719.001

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### Overview
- 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.

### Main results and findings
- 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.

### Data, scope, and approach
- 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 areas and keywords
- 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

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_Source: https://www.imf.org/en/publications/wp/issues/2023/02/24/differential-effects-of-macroprudential-policy-530168_