This paper investigates the impact of changes in lending limits on household leverage and housing choices. Using credit registry data and a difference-in-differences estimation strategy we determine how a change in the loan-to-value (LTV) ratio – a macroprudential policy tool – affected constrained households. Our results show that the policy change was effective in reducing households’ leverage as constrained households took out smaller loans and had lower loan-to-income ratios. Such households also paid higher interest rate spreads and had higher loan-service-to-income ratios than the control group. Finally, we also show that the policy change affected households’ housing choices, as constrained households bought less expensive houses. Our results highlight the improvement of the risk profile of households following the introduction of the LTV limits.

In this paper, we assess the effectiveness of the macroprudential capital buffers’ release on loans granted to households, implemented in the context of the Covid-19 pandemic. Using the synthetic control method, we find evidence that the buffers releases contributed, on average, to mitigate the procyclicality of credit to households, specifically for house purchase and for small businesses purposes. For the aggregate household lending, we find positive average treatment effects for both the release of the CCyB and the SyRB. However, the results suggest that, for credit associated with small businesses purposes, only the release of the CCyB had an effect.

This study examines the relationships between socio-demographic factors, purchase frequency, internet expertise, and unethical return behavior in apparel e-commerce, with a particular focus on the act of wardrobing—wearing and then returning used apparel. The research involved a survey of 1026 online apparel consumers from Portugal and the Czech Republic. The results show that frequent buyers, internet-savvy users, women and younger e-consumers report more satisfactory return experiences. However, several e-consumers engage in wardrobe shopping, with higher rates observed among males, internet-savvy users and youth. There are differences between the countries studied: in the Czech sample, men and advanced internet users are more likely to engage in wardrobing, while in the Portuguese sample, it is more prevalent among younger e-consumers. The results also document that, overall, men are seven times more likely to practice unethical return, while increasing age decreases the likelihood. The originality of the study lies in its approach and findings, which contribute to the understanding of post-purchase behavior and moral hazards in e-commerce and highlight the need for retailers to balance return policies that prevent abuse while maintaining customer satisfaction. Recommendations are made for improving loyalty programs and personalizing the e-shopping experience to minimize returns and promote ethical consumer behavior. Further research is suggested to develop these findings and improve return management in apparel e-commerce.