<![CDATA[Existing studies typically assume that monetary and macroprudential policies are transmitted uniformly across housing markets, despite substantial differences in financing structures and buyer characteristics across housing segments. This study addresses this gap by examining whether the effects of monetary policy, macroprudential regulation, and bank liquidity differ across small, medium, and large housing markets in Indonesia. Using quarterly panel data from 17 provinces covering 2012Q1–2024Q4, we employ a fixed-effects framework to estimate the effects of interest rates, Loan-to-Value (LTV) regulation, bank liquidity, and their interaction on segment-specific housing prices. The results provide strong evidence of heterogeneous policy transmission. LTV policy significantly affects housing prices across all segments, whereas monetary policy significantly affects small and medium house prices but not large house prices. Moreover, the interaction between LTV policy and bank liquidity is significant only in the large-house segment, indicating that the transmission of macroprudential policy varies with housing market size and liquidity conditions. These findings demonstrate that aggregate housing price responses can mask important differences across market segments. The study contributes to the housing policy literature by providing segment-level evidence on the heterogeneous transmission of monetary and macroprudential policies in an emerging-market economy. The findings also suggest that housing and financial-stability policies may benefit from greater consideration of housing-segment heterogeneity when assessing policy transmission and market responses.]]>
Copyrights © 2026
