Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies

This paper investigates the effectiveness of nine non-interest rate policies on house prices and housing credit using data from 57 economies and periods of up to three decades. We find that introductions or reductions in the maximum debt-service-to-income ratio, and increases in housing-related taxes, have significant negative effects on housing credit, with a typical tightening action lowering the real credit growth rate by 4–6 percentage...