LTV Ratio Regulations and House Prices in a Small Open Economy with Heterogeneous Households

• 발행기관: 서울대학교 경제연구소
• 저자명: Junhee Lee
• 간행물 정보: 『Seoul Journal of Economics』Seoul Journal of Economics Volume 32 No.3, 263~283쪽, 전체 21쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2019.08.30

영문 초록

Macro-prudential regulations, such as loan-to-value (LTV) ratio ceiling, are implemented in several economies to stabilize the financial market and macro-economy, in addition to conventional stabilization policies. This study constructs a small open economy model with heterogeneous households and house price fluctuations and examines the effects of LTV ratio regulation. Results of the model show that tightening the LTV ratio ceiling has considerable contractionary effects in a small open economy, but the effects are much smaller in a closed economy due to the general equilibrium effects of endogenous interest adjustment.

목차

H eterogeneous household model;House price;LTV ratio regulation;Small open economy

키워드

H eterogeneous household model House price LTV ratio regulation Small open economy