This study investigates the effects of loan-to-value (LTV) and debt-to-income (DTI) policies on macroeconomic variables such as commodity price index (CPI) and industrial production (IP) and financial variables such as house price and household bank loan in Korea by employing a structural vector autoregression (VAR) model. We use measures of LTV and DTI regulations that properly reflect changes in regulation coverage and intensity. Empirical results show that LTV and DTI shocks have significant effects not only on house price and household bank loan but also on CPI and IP, particularly when both policies are implemented together. The effects of DTI shocks are similar to those of monetary policy shocks, but LTV and DTI shocks tend to have a slower effect on CPI and IP but a faster effect on house price and household bank loan.

这项研究调查了贷款价值比（LTV）和债务收益（DTI）政策对宏观经济变量（如商品价格指数（CPI）和工业生产（IP））以及金融变量（如房价和家庭）的影响通过使用结构向量自回归（VAR）模型在韩国进行银行贷款。我们使用LTV和DTI法规的措施来正确反映法规覆盖范围和强度的变化。实证结果表明，LTV和DTI冲击不仅对房价和家庭银行贷款有重大影响，而且对CPI和IP也有重大影响，尤其是在同时执行这两项政策时。DTI冲击的影响与货币政策冲击相似，但LTV和DTI冲击对CPI和IP的影响往往较慢，但对房价和家庭银行贷款的影响则较快。