House prices
Apra toughens mortgage risk weights for Australian banks
Australian regulator's move to end era of low home loan risk weights helps push banks toward top quartile for capital ratio
Swedish authorities pin down structural factors driving growth in household debt
The rise in home ownership and a favourable tax system are probably contributing to the growth in household indebtedness, report finds, as Riksbank continues to urge action
SNB paper: both monetary and macro-prudential policy impact arrears
Working paper suggests monetary policy impacts the affordability problems that drive arrears in the short term, while macro-prudential policy can help prevent longer-term problems
Danish central bank urges government to 'rein in' economy
National Bank of Denmark recommends countercyclical fiscal policy, including reformed housing taxes, as private sector growth has become strong enough to create risks
German inequality would fall with US-style home ownership, Bundesbank study shows
Discussion paper fits US home ownership structure to German economy, finding large changes in the distribution and median level of wealth
Norges Bank research reverse-engineers model of US housing crashes
Researchers test a variety of models for their fit with evidence on US housing booms and busts, finding formation of household expectations by moving average performs best
Canadian central bank lays out three ‘key’ vulnerabilities in financial system
Bank of Canada warns vulnerability associated with household indebtedness is ‘edging higher’ and points to imbalances in the housing market and investor risk-taking in financial markets
Irish deputy sees value in ‘well-developed’ rental market
Stefan Gerlach says it is important renting is an attractive long-term proposition, as deeper rental markets help make the economy more resilient to shocks
Riksbank paper measures impact of debt-to-income limits
Report weighs the costs and benefits of debt-to-income limits, finding they can be effective in tackling debt and are likely to have a ‘relatively small’ macroeconomic effect
Assessing risks from household debt is a complex task, Riksbank study finds
Economic commentary says risks in household sector seem high, but assessing them properly depends on a host of factors that keep changing and data that may not be available
RBNZ targets Auckland with new macro-prudential plans
Central bank wants to impose stricter macro-prudential rules on lending to property investors in Auckland; will also force banks to hold more capital against those loans from October
Riksbank ramps up QE
Asset purchase programme doubled but unexpected rate hold sees krona move higher; Riksbank highlights both signs of recovery and rising financial stability risks in new monetary policy report
RBNZ deputy calls for action on housing imbalances
Grant Spencer says changes to tax treatment of housing should be considered, while he identifies apartment development as the best prospect for boosting supply in the short term
RBA alert to ongoing housing risks
Financial stability review shows the Reserve Bank of Australia is still concerned about investor demand in the market; says it is ‘too early’ to judge impact of APRA measures
HKMA tightens housing rules as ‘buoyancy’ returns
Norman Chan points to ‘notable increases in prices and transaction volume’ as he unveils changes to the HKMA’s macro-prudential policies
Wheeler: RBNZ will ‘talk more’ about housing
The Reserve Bank of New Zealand will focus on the market in coming months, Wheeler says, with house price inflation ‘increasing again’ in Auckland
IMF paper examines sensitivity of house prices to global liquidity shocks
Researchers find prices in emerging markets respond ‘much more’ to a shock in the international supply of credit than in advanced economies
RBA discussing steps to cool ‘unbalanced’ housing market
Australia’s financial regulators are discussing whether ‘additional steps’ are necessary to address the disproportionate increase in credit to investors in the housing market
Irish economists estimate property debt overhang on SMEs
Central Bank of Ireland researchers find a minimum of 20% of SMEs have direct exposures to property debt, which makes them more likely to default
Menon: ‘Too early’ to ease macro-prudential policies
Managing director says there are ‘some indications’ the property market is cooling down, but remains concerned by high prices and household debt
Australians might be better off renting, paper finds
If people expect house price growth to slow relative to the past 60 years, they might be better off renting, according to a paper published by the Reserve Bank of Australia
BoE introduces ‘ground-breaking' macro-pru measures to prevent housing bust
Mark Carney unveils a cap on high loan-to-income mortgages and affordability test; influential MP calls it a ‘major departure' for UK financial policy
IMF launches global house price observatory to 'nudge' prudential policy-makers
Fund sets up website to help countries keep track of and compare housing sector developments and prompt them into ‘early action' on booms and busts
Monetary policy shock hits Norway house prices hard
Meanwhile, impact on household credit is muted, according to Norges Bank working paper; adds findings are consistent with small quarterly refinancing rate of mortgage stock