Titolo della tesi: The effects of macroprudential policies on asset prices and on their bubbly components
Over the years, imbalances on asset markets have affected the economy in an overwhelming way, often leaving lasting and dramatic depressive aftermath. The historical review of these spectacular events highlights the key role of leverage in transferring the crisis from the financial sector to the productive economy. Starting from this remark, the present work seeks to understand whether, and in which direction, two specific macroprudential policies – the maximum LTV ratio and the stock margin requirement – affect housing and stock market prices and bubbles. While evidences show a significant effectiveness of macroprudential tightenings in deflating the former market, both maximum LTV ratio and the stock margin requirement seems to cause an opposite outcome on the latter, as if a substitution effect between these two asset types comes into play.