Effekten av makrotillsynsregleringar på bostadspriser

Abstract

The aim of the thesis is to investigate the effect of implemented macroprudential tools after the financial crisis in 2008 on residential real estate prices. The aim is furthermore to compare the effect between different groups of macroprudential tools, specifically borrowing based measures and requirements on financial institutions’ capital buffers. The sample used in this study is 30 European countries during the time period 2007-2018.

The study is conducted using a two-way fixed-effect panel data model with control variables. The model was implemented using stepwise regression. The results of the robust fixed-effects model show that an increase in borrowing based measures have a statistically significant impact on reducing the growth rate of real estate prices, both initially when the measures are implemented and in the following year. The results furthermore show that increases in borrowing based measures have a greater impact on the growth rate of real estate prices, than what increases in regulatory requirements on financial institutions’ capital buffers have. Finally, the results are inconclusive regarding effects that increases in regulatory requirements on financial institutions’ capital buffers have on the growth rate of real estate prices.