Pockets of risk in European housing markets: then and now

欧洲房地产市场的风险:过去和现在

2019/05/08 09:27
对照中文英文原文
我们发现,自2010年以来,借款人特征发生了显著变化:新借款人年龄更大,收入也比危机前更高。

Abstract

摘要

Using household survey data, we document evidence of a loosening of credit standards in Euro area countries that experienced a property price boom-and-bust cycle. Borrowers in these countries exhibited significantly higher loan-to-value (LTV) and loan-to-income (LTI) ratios in the run up to the financial crisis, and an increasing tendency towards longer-term loans compared to borrowers in other countries. In recent years, despite the long period of historically low interest rates and substantial house price increases in some countries, we do not find s imilar c redit easing as before the crisis. Instead, we find evidence of a considerable change in borrower characteristics since 2010: new borrowers are older and have higher incomes than before the crisis.

利用家庭调查数据,我们记录了经历了房地产价格盛衰周期的欧元区国家放松信贷标准的证据。在金融危机爆发之前,这些国家的借贷者表现出明显较高的贷款价值比(LTV)和贷款收入比(LTI),而且与其他国家的借贷者相比,他们更倾向于长期贷款。近年来,尽管一些国家长期处于历史低位,房价大幅上涨,但我们没有看到信贷像危机前那样放松。相反,我们发现了自2010年以来借款人特征发生重大变化的证据:新借款人年龄更大,收入也比危机前更高。

Keywords: survey data, macroprudential policy, financial crisis, financial regulation, financial stability

关键词:调查数据,宏观审慎政策,金融危机,金融监管,金融稳定

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