Household savings constraints, uncertainty and macroprudential policy
Kieran McQuinn and
Scottish Journal of Political Economy, 2021, vol. 68, issue 2, 238-260
We investigate the impact of macroprudential policy on Irish households' perception of savings adequacy, with a particular focus on households intending to purchase a home. These measures tighten loan‐to‐value ratios and raise the entry cost for home purchase. We find that the measures have had a significant impact on savings constraints. Indeed, constrained potential buyers, who are planning to purchase, but not presently saving to buy a home, are the group most affected as the macroprudential rules increase the downpayment size required. Heterogeneous effects across households indicate younger, private renting households, and those with relatively uncertain cash flows.
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Working Paper: Household savings constraints, uncertainty and macroprudential policy (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:68:y:2021:i:2:p:238-260
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