Oliner and D.E. Sichel (2000), Op. cit..  8  The notion of real value added differs from real GDP because the latter includes the contribution of taxes less subsidies on products. 9  The market economy is defined as total economy excluding health, education and government sectors. 4  BIS Review 94/2007  average.
Studies estimating the effects of LVR caps in Hong Kong (Craig and Hua (2011), Wong et al (2011)), Korea (Igan and Kang (2011)), and most recently in Canada (IMF (2012)), have found that reductions in maximum LVRs had a significant impact on housing transactions, house prices, house price expectations and/or housing credit growth.