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Caps on how much individuals can borrow, in the form of maximum loan-to-value (LTV) and debt-to-income ratios, are another option.
以最大價值貸款比(LTV)和債務(wù)收入比率的形式限制個人貸款上限是另一種選擇。
A recent IMF study found that in more than half of countries where this has been tried, credit growth and asset-price inflation fell.
國際貨幣基金組織最近一項研究發(fā)現(xiàn)，超過半數(shù)采用該方案的國家里，信貸增長和資產(chǎn)價格通脹均得以下降。
In 2010 the Riksbank embraced this policy, requiring a deposit of at least 15% for new mortgages.
2010年，瑞典央行采用了該方案：新抵押貸款將要求至少15%的保證金。
The authorities have also tried to restrict the use of interest-only mortgages, which are common in Sweden.
當局還嘗試限制使用“還息不還本”的房屋貸款形式，這種貸款在瑞典十分常見。
If borrowers use these to protect themselves from temporary financial problems while still paying down their debt, they can be helpful.
如果借貸者將該項貸款用于在資金緊張的臨時過渡，但仍舊能夠償還自己的債務(wù)，那么該類貸款則沒有什么問題。
But if they take out interest-only loans simply to borrow more, they exacerbate the bubble.
但如果貸款者只是利用此類貸款為自己借入更多資金，那么該類貸款將激化資產(chǎn)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.
將近40%的瑞典價值抵押貸款并沒有得到償還，剩余的大多數(shù)還款速度則很慢。
The FI has been trying to push banks and borrowers to agree voluntary repayment plans.
瑞典金融監(jiān)管局正嘗試向銀行和借款者推行自愿償還計劃。
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.
計劃要求價值貸款比高于70%的借款人每年至少還款2%，而價值貸款比為50%—70%的借款人每年至少還款1%。
But in April a court quashed such efforts, arguing the FI had no authority to promote such plans.
但在4月，法庭宣布這種方式無效，理由是監(jiān)管局沒有權(quán)力推進這些計劃。
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.
無論如何，由于低息貸款誘惑太大，瑞典內(nèi)外將不斷想方法去規(guī)避監(jiān)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貸款時，銀行通過推廣其他形式貸款以彌合差距。
In Sweden, so-called “blanco-loans”, more expensive unsecured loans, can be used for that purpose.
在瑞典則出于這種目的采用了被稱作“白色貸款”的高成本高風險貸款。
All told, credit is still growing and asset prices climbing, despite regulators' efforts.
總的來看，雖然監(jiān)管機構(gòu)做出了許多努力，但貸款仍然在增加，資產(chǎn)價格仍然在攀升。
A better solution might be to eliminate the tax code's various incentives for home ownership.
更好的解決方案也許是消除稅法中各種刺激買房的因素。
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，瑞典廢除了財產(chǎn)稅；高達30%的貸款利息可以從個人所得稅中扣除，住宅擴建和維修則可獲得最高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.
瑞典央行認為，在今后的50年中，單單廢除抵押貸款利息減免就可以將收入份額中的累積債務(wù)減少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.
將最大價值貸款比減至80%僅能減少5個百分點的債務(wù)收入比率；瑞典金融監(jiān)管局償還計劃則預計將其削減掉12個百分點。
The tax code is in the hands of politicians, as are the planning and rent-control regimes that impede the construction of new homes.
政治家掌控著稅法，以及阻礙新房屋建設(shè)的規(guī)劃權(quán)和租金管制權(quán)。
An independent commission last year recommended urgent reforms to all three, but has been ignored.
去年，一家獨立委員會向三方建議立即對這三項進行改革，但遭到無視。
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.
政治家們至少對削減房貸利息補助這一想法感興趣，部分原因是他們需要資金來供給涌入的難民。
But for the most part, measures to slow the property boom seem politically unpalatable.
但對大多數(shù)人來說，減緩資產(chǎn)泡沫的措施似乎在政治上難以接受。
“People feel rich today thanks to these crazy prices,” says one member of parliament.
“多虧了高漲的物價，人們?nèi)缃癫鸥杏X更為富有，”一名國會議員說。
“Nobody wants to be the one who breaks the spell.”
“沒人希望帶頭打破美夢。”
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.
政治家和監(jiān)管層也知道，任何迫使瑞典人民在儲蓄或房屋按揭上花費更多收入的措施將拖累消費，讓脆弱的經(jīng)濟雪上加霜。
“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.
監(jiān)管會成員亨里克·布拉克里爾說，“理想狀態(tài)下，我希望自己找到一種工具，只影響房地產(chǎn)市場，而不影響其他方面。”
"But up to now," he adds, "I have not found it.”
他補充說，“然而至今我還沒有找到它。”
