Macroprudential Policy and its Impact on the Real Estate Market
|Author:||Mgr. Lucie Wdowyczynová|
|Year:||2017 - summer|
|Leaders:|| PhDr. Simona Malovaná Ph.D.
|Work type:|| Finance, Financial Markets and Banking
|Awards and prizes:|
|Abstract:||After the recent world financial crisis, macroprudential policy tools have started to play an
important role in maintaining financial stability. In many countries, the tools have been
extensively used only in recent years and their effectiveness is often difficult to assess. Using
an index as a proxy for policy tools is one of ways to measure their impact. In this thesis, a new
index capturing, in contrast with other studies, also an intensity factor, is constructed. Results
are mostly in accordance with economic intuition and existing studies and suggest that indices
constructed in an equivalent way can help to understand the impact of policies on changes in
housing prices and credit volumes.