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International Monetary Fund. Statistics Dept.

data for the RPPI since taxation data are unreliable in respect of reported transaction prices, and the State Bank of Vietnam (SBV) does not collect loan level mortgage data. 2. Reliable property price indexes and other indicators of real estate markets are critical ingredients for financial stability policy analysis . The indexes are used by policy makers as an input into the design of macroprudential policies, that is, those policies aiming to reduce systemic risks arising from “excessive” financial procyclicality (such as asset bubbles). RPPIs are also used by

Alan Xiaochen Feng
Bank competition can induce excessive risk taking due to risk shifting. This paper tests this hypothesis using micro-level U.S. mortgage data by exploiting the exogenous variation in local house price volatility. The paper finds that, in response to high expected house price volatility, banks in U.S. counties with a competitive mortgage market lowered lending standards by twice as much as those with concentrated markets between 2000 and 2005. Such risk taking pattern was associated with real economic outcomes during the financial crisis, including higher unemployment rates in local real sectors.
Alan Xiaochen Feng

CR as of 1995 and the counties are tracked over time. The CR measure has declined over time nationally, suggesting increasingly competitive local mortgage markets in the U.S. However, the relative ranking of CR across U.S. counties has remained the same over the years. B. Mortgage and Other Economic Data Loan-level mortgage data are based on the HMDA database, which records almost all mortgage loan applications between 2000 and 2005. For each loan application in a given year, the following information is recorded: the loan amount, the income of the

International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission was conducted during July 9–13, 2018 to assist the General Statistics Office of Vietnam (GSO) with the development of a residential property price index (RPPI). This was the first mission conducted to Vietnam under the auspices of the multi-annual STA Data for Decisions (D4D) trust fund. The main objective of TA provided to Vietnam under the D4D will be to assist the GSO to develop an RPPI. The GSO recently launched two initiatives to collect potential source data for the RPPI since taxation data are unreliable in respect of reported transaction prices, and the State Bank of Vietnam (SBV) does not collect loan level mortgage data.
International Monetary Fund. Statistics Dept.

soundness, as well as to IMF surveillance . The BI compiles and disseminates a RPPI based on data collected from surveys of major developers. There is scope to build upon improvements to the survey that were introduced in 2016 by redeveloping the weighting of component indexes to the national total . In the short-term, the authorities should assess the potential for using mortgage data to compile weights, based on the aggregated value of mortgage drawdowns in different regions and for different property types. In the longer-term, it might be possible to use taxation

Jihad Dagher and Mr. Kazim Kazimov

strategy proceeds as follows. Using comprehensive mortgage data from 2005 to 2008 that we match with bank balance sheet data, we examine whether wholesale funded banks decreased their supply of mortgage credit more than retail funded banks. Two sources of identifying variations allow us to answer this question: the time variation in overall market liquidity and the cross-sectional variation in the core deposit to assets ratio, a commonly used measure of the extent to which a bank is funded through retail deposits. We use the data on bank mortgage lending decisions

Jihad Dagher and Mr. Kazim Kazimov
We examine the impact of banks’ exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis in the United States. We focus on mortgage lending to minimize the impact of confounding demand factors that could potentially be large when comparing banks’ overall lending across heterogeneous categories of credit. The disaggregated data on mortgage applications that we use allows us to study the time variations in banks’ decisions to grant mortgage loans, while controlling for bank, borrower, and regional characteristics. The wealth of data also allows us to carry out matching exercises that eliminate imbalances in observable applicant characteristics between wholesale and retail banks, as well as various other robustness tests. We find that banks that were more reliant on wholesale funding curtailed their credit significantly more than retail-funded banks during the crisis. The demand for mortgage credit, on the other hand, declined evenly across wholesale and retail banks. To understand the aggregate implications of our findings, we exploit the heterogeneity in mortgage funding across U.S. Metropolitan Statistical Areas (MSAs) and find that wholesale funding was a strong and significant predictor of a sharper decline in overall mortgage credit at the MSA level.
International Monetary Fund. Western Hemisphere Dept.

as countries compete to protect their tax bases and attract tangible investments by US multinationals. At the same time the territorial system makes it more attractive to invest in other countries offering lower tax rates. While the GILTI may in some respects mitigate the increased pressure for tax competition, the FDII is likely to further intensify it. This box was prepared by Suchanan Tambunlertchai. Reference Bilyk , Olga , Alexander Ueberfeldt , and Yang Xu . 2017 . “ Analysis of Household Vulnerabilities Using Loan-Level Mortgage