Eurozone lending constraints are effective but only after a time lag, researcher says

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Lending restrictions in the eurozone are effective in curbing house prices and credit but they take time to have an impact, according to a researcher from the International Monetary Fund.

“This lag between implementation and ultimate effect… should be factored in by policy-makers,” says author Tigran Poghosyan, a senior economist at the IMF.

To assess the efficacy of these macro-prudential measures, Poghosyan uses data on 99 lending standard restrictions implemented in 28 eurozone countries

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