Antycykliczne instrumenty polityki makroostrożnościowej wpływające na rynek nieruchomości w Unii Europejskiej

Małgorzata Olszak; Filip Świtała

Published: 2023-11-21

Vol. 61 No. 4 (2015)

Instruments of countercyclical macroprudential policy focusing on the real estate market in the European Union

Małgorzata Olszak , Filip Świtała

Abstract

The article focuses on the analysis of countercyclical macroprudential instruments directed at the real estate market, with the aim of identification of potential side effects of their use. To achieve this goal we present the most important features of these tools and characterize the transmission mechanism of those instruments. An analysis of the transmission mechanism and related current literature on the pricing of the loan market, as well as side effects of the regulations, lends support to the view that it is possible to identify limitations of this transmission mechanism. We find that restricitve sectoral capital requirements and LTV, DTI and DSTI ratios, may result in increased migration of borrowers to shadow banks or other financial intermediaries (e.g. those operating cross-border), which are not subject to macroprudential regulations. Restrictive macroprudential tools applied to the banking sector could possibly bring about the unintended consequence of increased negative selection and, in effect, of a worsened quality of bank lending portfoli

Keywords:

credit cycle , real-estate market , macroprudential policy

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Olszak, M., & Świtała, F. (2023). Instruments of countercyclical macroprudential policy focusing on the real estate market in the European Union. Safe Bank, 61(4), 41–66. Retrieved from https://ojs.bfg.pl/index.php/bb/article/view/317

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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

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