We analyze how regulatory constraints on household leverage—in the form of loan-to-income and loan-to-value limits—affect residential mortgage credit and house prices as well as other asset classes not directly targeted by the limits. Loan-level data suggest that mortgage credit is reallocated from low- to high-income borrowers and from urban to rural counties. This reallocation weakens the feedback between credit and house prices and slows house price growth in “hot” housing markets. Banks whose lending to households is more affected by the regulatory constraint drive this reallocation, but also substitute their risk-taking into holdings of securities and corporate credit.

中文翻译：

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宏观审慎政策传导剖析

我们分析了对家庭杠杆的监管限制——以贷款收入比和贷款价值比限制的形式——如何影响住宅抵押贷款和房价以及其他不受限制直接影响的资产类别。贷款层面的数据表明，抵押信贷从低收入借款人重新分配给高收入借款人，并从城市县转移到农村县。这种重新分配削弱了信贷与房价之间的反馈，减缓了“火爆”房地产市场的房价增长。对家庭贷款受监管约束影响更大的银行推动了这种重新分配，但也将风险承担替代为持有证券和公司信贷。