This ²paper assesses the effectiveness of lending restrictions measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018. The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities.

这篇²文件评估了贷款限制措施（例如贷款对价值比率和债务服务对收入比率）在影响房价和信贷发展方面的有效性。我们使用1990-2018年间在28个欧盟国家实施的99个贷款标准限制数据。结果表明，贷款限制措施通常可以有效地抑制房价和信贷。但是，这种影响被推迟了，并且仅在三年后才达到顶峰。此外，影响是不对称的，与放松措施相比，紧缩措施与目标变量的关联性较弱。该协会在欧元区以外的国家以及具有法律约束力的措施和涉及制裁的措施中更强大。该结果对宏观审慎当局具有实际意义。