经济学人下载:瑞士房产 心痛之处是为家(下)

Caps on how much individuals can borrow, in the form of maximum loan-to-value (LTV) and debt-to-income ratios, are another option.
以最大价值贷款比(LTV)和债务收入比率的形式限制个人贷款上限是另一种选择。

A recent IMF study found that in more than half of countries where this has been tried, credit growth and asset-price inflation fell.
国际货币基金组织最近一项研究发现，超过半数采用该方案的国家里，信贷增长和资产价格通胀均得以下降。

In 2010 the Riksbank embraced this policy, requiring a deposit of at least 15% for new mortgages.
2010年，瑞典央行采用了该方案：新抵押贷款将要求至少15%的保证金。

The authorities have also tried to restrict the use of interest-only mortgages, which are common in Sweden.
当局还尝试限制使用“还息不还本”的房屋贷款形式，这种贷款在瑞典十分常见。

If borrowers use these to protect themselves from temporary financial problems while still paying down their debt, they can be helpful.
如果借贷者将该项贷款用于在资金紧张的临时过渡，但仍旧能够偿还自己的债务，那么该类贷款则没有什么问题。

But if they take out interest-only loans simply to borrow more, they exacerbate the bubble.
但如果贷款者只是利用此类贷款为自己借入更多资金，那么该类贷款将激化资产泡沫。

Almost 40% of Swedish mortgages by value are not being paid down at all, and for many of the remainder the pace of repayments is slow.
将近40%的瑞典价值抵押贷款并没有得到偿还，剩余的大多数还款速度则很慢。

The FI has been trying to push banks and borrowers to agree voluntary repayment plans.
瑞典金融监管局正尝试向银行和借款者推行自愿偿还计划。

It suggested that those with LTVs above 70% pay down at least 2% a year, and those with LTVs of 50-70% pay 1% a year.
计划要求价值贷款比高于70%的借款人每年至少还款2%，而价值贷款比为50%—70%的借款人每年至少还款1%。

But in April a court quashed such efforts, arguing the FI had no authority to promote such plans.
但在4月，法庭宣布这种方式无效，理由是监管局没有权力推进这些计划。

In any case, the allure of cheap loans is so great that households in Sweden and beyond will find ways around the restrictions that remain in place.
无论如何，由于低息贷款诱惑太大，瑞典内外将不断想方法去规避监管。

When the Slovakian government put limits on housing loans, banks boosted other forms of lending to bridge the gap.
斯洛伐克政府限制房屋贷款时，银行通过推广其他形式贷款以弥合差距。

In Sweden, so-called “blanco-loans”, more expensive unsecured loans, can be used for that purpose.
在瑞典则出于这种目的采用了被称作“白色贷款”的高成本高风险贷款。

All told, credit is still growing and asset prices climbing, despite regulators' efforts.
总的来看，虽然监管机构做出了许多努力，但贷款仍然在增加，资产价格仍然在攀升。

A better solution might be to eliminate the tax code's various incentives for home ownership.
更好的解决方案也许是消除税法中各种刺激买房的因素。

Property taxes were abolished in Sweden in 2008; up to 30% of mortgage interest can be deducted from personal tax bills and a rebate of up to 50% can be claimed on home extensions and repairs.
2008年，瑞典废除了财产税；高达30%的贷款利息可以从个人所得税中扣除，住宅扩建和维修则可获得最高50%的折扣。

The Riksbank thinks that abolishing mortgage-interest relief alone could cut aggregate debt as a share of income by more than 50 percentage points over the next 50 years.
瑞典央行认为，在今后的50年中，单单废除抵押贷款利息减免就可以将收入份额中的累积债务减少50%以上。

Reducing the maximum LTV ratio to 80% would only trim debt-to-income ratios by five percentage points; the FI's repayment scheme would cut them by 12.
将最大价值贷款比减至80%仅能减少5个百分点的债务收入比率；瑞典金融监管局偿还计划则预计将其削减掉12个百分点。

The tax code is in the hands of politicians, as are the planning and rent-control regimes that impede the construction of new homes.
政治家掌控着税法，以及阻碍新房屋建设的规划权和租金管制权。

An independent commission last year recommended urgent reforms to all three, but has been ignored.
去年，一家独立委员会向三方建议立即对这三项进行改革，但遭到无视。

Politicians at least seem to be warming to the idea of cutting mortgage-interest relief, partly because they are looking for money to pay for the influx of refugees.
政治家们至少对削减房贷利息补助这一想法感兴趣，部分原因是他们需要资金来供给涌入的难民。

But for the most part, measures to slow the property boom seem politically unpalatable.
但对大多数人来说，减缓资产泡沫的措施似乎在政治上难以接受。

“People feel rich today thanks to these crazy prices,” says one member of parliament.
“多亏了高涨的物价，人们如今才感觉更为富有，”一名国会议员说。

“Nobody wants to be the one who breaks the spell.”
“没人希望带头打破美梦。”

Politicians and regulators also know that any measure that obliges Swedes to spend more of their income on deposits or mortgage payments would be a drag on consumption, and thus a blow to an already fragile economy.
政治家和监管层也知道，任何迫使瑞典人民在储蓄或房屋按揭上花费更多收入的措施将拖累消费，让脆弱的经济雪上加霜。

“Ideally, I'd like to have something in my toolkit with which I could influence the housing market and nothing else,” says Henrik Braconier of the FI.
监管会成员亨里克·布拉克里尔说，“理想状态下，我希望自己找到一种工具，只影响房地产市场，而不影响其他方面。”

"But up to now," he adds, "I have not found it.”
他补充说，“然而至今我还没有找到它。”