A rising share of part-time employment has been a structural feature of the economy over recent decades, reflecting both demand- and supply-side factors.5 But the growth of full-time employment has been quite subdued since 2012, rising only briefly above its 20-year average of 1.3 per cent per annum.
These instruments include a cap on the credit volume relative to the property value (loan-to-value, or LTV, ratio) and a cap on the borrower’s debt servicing capacity relative to their income (debt-service-toincome, or DSTI, ratio). Our work on these instruments does not necessarily mean that they will be activated in the near future.