4  BIS central bankers’ speeches  With regard to the borrower’s side, instruments such as the loan-to-value (LTV), loan-toincome (LTI) and debt-service-to-income (DSTI) limits are considered to be among the most effective macroprudential instruments in curtailing excessive credit growth. In order to effectively moderate the financial cycle, a time-varying dimension is crucial in the design of the various ratios.
012234   #!%%;< g̀]}gut~         5    4 9 4   ?