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Household credit in Asia-Pacific

Moritz Schularick and Ilhyock Shim
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Moritz Schularick: University of Bonn, and Centre for Economic Policy Research

A chapter in Financial systems and the real economy, 2017, vol. 91, pp 129-144 from Bank for International Settlements

Abstract: Household credit in Asia-Pacific has grown strongly over the past two decades. Managing household credit booms and their financial stability implications has become a central task for policymakers. In this article, we assess the effects of changes in interest rates and macroprudential measures on various types of credit growth. We find that changes in monetary conditions reduce growth in household and housing credit over a two-year horizon. Macroprudential measures also significantly slow the growth of various credit aggregates. More precisely, we find that general bank credit tightening actions, such as increases in reserve requirements, reduce credit growth over one to four years, while housing credit tightening actions such as higher loan-to-value ratios are effective only on housing credit over one to two years.

JEL-codes: E01 E44 E58 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:bis:bisbpc:91-12