Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/297902 
Year of Publication: 
2021
Citation: 
[Journal:] European Financial and Accounting Journal [ISSN:] 1805-4846 [Volume:] 16 [Issue:] 1 [Year:] 2021 [Pages:] 71-91
Publisher: 
Prague University of Economics and Business, Faculty of Finance and Accounting, Prague
Abstract: 
The article deals with borrower-based instruments within macroprudential policy as measures aimed at reducing systemic risk regarding household debt. Our contribution is three-fold; Firstly, we show that more than 50% of countries in the European Economic Area have incorporated the borrower-based measures into their national legal framework. Secondly, we provide evidence that in countries exceeding the average level of household debt growth, more active caps are used. Thirdly, our results confirm the use of more than one active cap in countries where the house price increase was higher than average house price growth. We also highlight the reaction of the Czech National Bank and other authorities to the COVID-19 crisis, which has resulted in the relaxing of standards.
Subjects: 
Household debt
Macroprudential policy
Borrower-based instrument
JEL: 
G51
G18
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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