In this context, recent research suggests that exposure-based measures, such as LTV and DTI could be more efficient than capital-based measures. 12 Indeed, the experiences of Korea, Singapore and Hong Kong  10  Constâncio, V. (2014), “Making macro-prudential policy work” Speech at high-level seminar organised by De Nederlandsche Bank, 10 June 2014, http://www.ecb.europa.eu/press/key/date/2014/html/sp140610.en.html. 11  See Henry and Kok (2013).
12  See Żochowski (2014). 6  BIS central bankers’ speeches  confirm that LTV and DTI are efficient tools to address local house price misalignments. 13 On the other hand, they may generate important cross-border spill-overs and leakages, and moreover, are now solely with national authorities.