거시 건전성 규제 중심의 가계부채 스트레스 테스트

초록

This study employs an integrated micro-macro model for Korean households to evaluate the effects of borrower-based macroprudential measures, namely the loan-to-value (LTV) ratio and the debt-to-income (DTI) ratio. Utilizing simulated path derived from the model, the paper quantifies the impact of these macroprudential measures through counterfactual policy simulations. Additionally, the analysis incorporates scenarios that reflect household decision-making in response to the implementation of new policies. The findings indicate that both LTV and DTI policies effectively mitigate financial risks for households. However, the effectiveness of these borrower-based macroprudential measures varies across different risk indicators. This variation underscores the need for the central bank to adopt diversified policy frameworks to enhance households' financial stability and macroprudence.

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