31  See also Igan and Kang (2011), who find that LTV and LTI limits in Korea were related to declines in house price growth and transactions, and Benito (2006), who finds that higher loan-to-value ratios were associated with greater house price volatility in response to income shocks.
32  See IMF (2011d) for a discussion of the survey  33  In fact, the European Systemic Risk Board has recently asked its member countries to clarify and strengthen the macro prudential mandates of responsible national authorities where necessary: http://www.esrb.europa.eu/pub/pdf/recommendations/2011/ESRB_2011_3.en.pdf?9697 eb49d4116f8ed269b4d95326217b  8  BIS central bankers’ speeches  REFERENCES Ahuja, Ashvin and Malhar Nabar, “Safeguarding Banks and Containing Property Booms: Cross-Country Evidence on Macroprudential Policies and Lesson from Hong Kong SAR”, IMF Working Paper, WP/11/284.