Capital Requirements, Mortgage Rates and House Prices

S. Damen, Stef Schildermans
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引用次数: 2

Abstract

We study the effect of an increase in capital requirements for residential mortgages on mortgage rates and house prices. We exploit a unique quasi-experiment in which affected banks faced an increase in risk weights of five percentage points. Using a difference-in-difference estimator we find that treated banks increase their mortgage rates by 18 basis points. Houses near affected banks have a 2.34% lower sale price after the increase in capital requirements. Our results imply a semi-elasticity of house prices to changes in mortgage rates of 13, in line with predictions from a user cost model.
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资本要求、抵押贷款利率和房价
我们研究了提高住房抵押贷款的资本要求对抵押贷款利率和房价的影响。我们利用了一个独特的准实验,在这个实验中,受影响的银行面临着风险权重增加5个百分点的风险。使用差中差估计器,我们发现经过处理的银行将抵押贷款利率提高了18个基点。在提高资本金要求后,受影响银行附近的房屋售价降低了2.34%。我们的结果意味着房价对抵押贷款利率变化的半弹性为13,与用户成本模型的预测一致。
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