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Mortgage lending, monetary policy, and prudential measures in small euro-area economies: Evidence from Ireland and the Netherlands

Mary Everett (), Jakob de Haan (), David-Jan Jansen, Peter McQuade and Anna Samarina ()

DNB Working Papers from Netherlands Central Bank, Research Department

Abstract: This paper examines whether the increased use of macroprudential policies since the global financial crisis has affected the impact of (euro area and foreign) monetary policy on mortgage lending in Ireland and the Netherlands, which are both small open economies in the euro area. Using bank-level data on domestic lending in both countries during the period 2003-2018, we find that restrictive euro area monetary policy shocks reduce the growth of mortgage lending. We find evidence that stricter domestic prudential regulation mitigates this effect in Ireland, but not so in the Netherlands. There is weak evidence for an international bank lending channel.

Keywords: monetary policy; prudential policy; mortgage lending; European monetary union (search for similar items in EconPapers)
JEL-codes: G21 E42 F36 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac, nep-mon, nep-opm and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:dnb:dnbwpp:659

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