Macroprudential regulation of the housing market
| Thesis title in Czech: | Makroprudenční regulace trhu s nemovitostmi |
|---|---|
| Thesis title in English: | Macroprudential regulation of the housing market |
| Key words: | Makroobezřetnostní regulace, Trh s bydlením, Hypotéky, Centrální banka, Institucionální rámec |
| English key words: | Macroprudential regulation, Housing market, Mortgages, Central bank, Institutional framework |
| Academic year of topic announcement: | 2013/2014 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | PhDr. Michal Hlaváček, Ph.D. |
| Author: | hidden - assigned and confirmed by the Study Dept. |
| Date of registration: | 03.06.2014 |
| Date of assignment: | 03.06.2014 |
| Date and time of defence: | 06.09.2016 00:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 29.07.2016 |
| Date of proceeded defence: | 06.09.2016 |
| Opponents: | Ing. Michala Moravcová, Ph.D. |
| URKUND check: | |
| Preliminary scope of work in English |
| Topic characteristics
Booms and busts on housing market create a risk for real economy and may be the most important causes of crises. The objective of macroprudential regulation is to protect financial system as whole. The recent crisis showed that responsible authorities lacked tools to fight systemic risk. Now, new policies are being implemented and it is important to assess their effects. Hypotheses - Housing market and its cycles can substantially influence real economy - Macroprudential regulation can dampen the credit cycle - The currently employed macroprudential regulation will be effective Methodology Based on reviewed literature, examples from past and collected data, I will try to find out, whether macroprudential regulation can reduce the systemic risk and whether present regulation aims the right problems and can be effective. Outline 1) Introduction 2) Impact of housing market on real economy 3) Overview of macroprudential tools 4) Experience with macroprudential policies and tools 5) Assessment of effectivity 6) Conclusion 7) Bibliography Bibliography ESRB; The ESRB Handbook on Operationalising Macro-prudential Policy in the Banking Sector, 2014. ALLEN, Franklin; CARLETTI, Elena. Systemic Risk from Real Estate and Macro-prudential Regulation. 2011. IGAN, Deniz, et al. Policies for macrofinancial stability: Options to deal with real estate booms. International Monetary Fund, 2011. GALATI, Gabriele; MOESSNER, Richhild. Macroprudential policy–a literature review. Journal of Economic Surveys, 2013, 27.5: 846-878. YELLEN, Janet L. Macroprudential supervision and monetary policy in the post-crisis world. Business Economics, 2011, 46.1: 3-12.. |