Paper looks at macro-prudential impact on mortgage affordability
Bank of Italy working paper considers which households can afford mortgages at different loan-to-value ratios
Researchers at the Bank of Italy have developed a framework for studying housing debt they believe can be used to assess the impact of macro-prudential policies, including loan-to-value ratios (LTVs).
The framework, presented in With (more than) a little help from my bank. Loan-to-value ratios and access to mortgages in Italy, by Danilo Liberati and Valerio Vacca, considers both regular mortgage payments and initial deposits.
The authors use a “mortgage affordability curve” to assess how macro
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