Loan to value ratio and monetary transmission mechanism

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F19%3A00112148" target="_blank" >RIV/00216224:14560/19:00112148 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.eaco.eu/danube-journal/archive/" target="_blank" >http://www.eaco.eu/danube-journal/archive/</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.2478/danb-2019-0020" target="_blank" >10.2478/danb-2019-0020</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Loan to value ratio and monetary transmission mechanism

Popis výsledku v původním jazyce

Using a dynamic stochastic general equilibrium model (DSGE) with the housing sector, this paper evaluates the impact of housing collateral on the business cycle in the Czech economy. We devote special attention to the setting of the loan to value (LTV) ratio, which we believe plays an important role as a regulator of the monetary transmission mechanism. The impacts of LTV ratio are quantified by simulating the responses of alternative LTV level setting on key macroeconomic variables. Our simulations are based on an estimated DSGE model. Our approach allows us to understand better the responses of the real economy to the tightening of monetary policy moderated by different LTV levels. Our results show that higher loan to value ratios strengthen the effect of the monetary transmission mechanism to consumption and output.

Název v anglickém jazyce

Loan to value ratio and monetary transmission mechanism

Popis výsledku anglicky

Using a dynamic stochastic general equilibrium model (DSGE) with the housing sector, this paper evaluates the impact of housing collateral on the business cycle in the Czech economy. We devote special attention to the setting of the loan to value (LTV) ratio, which we believe plays an important role as a regulator of the monetary transmission mechanism. The impacts of LTV ratio are quantified by simulating the responses of alternative LTV level setting on key macroeconomic variables. Our simulations are based on an estimated DSGE model. Our approach allows us to understand better the responses of the real economy to the tightening of monetary policy moderated by different LTV levels. Our results show that higher loan to value ratios strengthen the effect of the monetary transmission mechanism to consumption and output.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

DANUBE: Law, Economics and Social Issues Review

ISSN

1804-6746

e-ISSN

—

Svazek periodika

10

Číslo periodika v rámci svazku

4

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

17

Strana od-do

383-399

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85078399850