Another demonstrates that tighter loan-to-value and debt-to-income have greater impact when credit increases rapidly and housing prices are high relative to income. Looser measures, in turn, have smaller effects, but the difference is negligible in downturns.
5 A second set of cross-country studies, while continuing to indicate material effects from specific macroprudential tools on credit growth, find that impacts from others are minor or even run in the opposite direction.