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The optimal LTV-ratio, mortgage market variability and monetary policy regimes:A demand-side perspective

机译：最优LTV比率，抵押贷款市场可变性和货币政策制度：需求方观点

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Purpose - The purpose of this paper is twofold: first, it derives the optimal loan-to-value (LTV)-ratio for a mortgagor that maximizes the return to home equity when considering the capital structure of housing investment. Second, it analyses the demand-side contribution to mortgage market variability across monetary policy regimes. Design/methodology/approach - The paper endogenizes both the relation between the LTV ratio and the mortgage rate and the relation between LTV and the rate of appreciation. When we consider LTV-variance and the demand-side contribution to mortgage market variability, three stylized regimes is considered. Findings - The paper finds an intuitive ranking of the optimal LTV-ratios across regimes, and the optimal LTV-ratio peaks during a housing boom. When, however, monetary policy ignores asset inflation the demand-side contribution to market variability is highest during normal market conditions. Hence, there is a potentially hump-shaped relation between the risk exposure of individual mortgagors and the demand-side contribution to mortgage market variability. Originality/value - The paper finds a potentially hump-shaped relation between the risk exposure of individual mortgagors and the demand-side contribution to mortgage market variability, which, to the best of our knowledge, is novel. The paper shows how macro-prudential and monetary policy are complementary tolls for preserving financial stability.
机译：目的-本文的目的是双重的：首先，它在考虑房屋投资的资本结构时，得出了抵押人的最佳贷款对价值（LTV）比率，该比率可使房屋净值的回报最大化。其次，它分析了整个货币政策体系中需求方对抵押市场变化的贡献。设计/方法/方法-本文内生了LTV比率和抵押利率之间的关系以及LTV和升值率之间的关系。当我们考虑LTV差异和需求方对抵押贷款市场差异的贡献时，将考虑三种程式化制度。调查结果-本文找到了在各种制度下的最佳LTV比率的直观排名，以及在房屋繁荣期间的最佳LTV比率峰值。但是，当货币政策忽略资产通胀时，在正常市场条件下，需求方对市场波动的贡献最大。因此，单个抵押人的风险敞口与需求方对抵押市场变化的贡献之间存在潜在的驼峰形关系。独创性/价值-本文发现了单个抵押人的风险敞口与抵押贷款市场可变性的需求侧贡献之间的潜在驼峰形关系，据我们所知，这是新颖的。本文显示了宏观审慎政策和货币政策如何对维持金融稳定起到补充作用。

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