To preview the results, we nd that both capital in ows and monetary policy shocks have a statistically signi cant effect on real private credit, real residential investment and real house prices. Moreover, capital in ows do not appear to be associated with in ationary pressures or with substantial increases in output, suggesting that a central bank that follows a standard Taylor rule would see little reason to respond to these shocks. When comparing the responses of these variables in countries with different degrees of mortgage market development, we nd that both shocks have a larger effect on housing activity in countries with a more developed mortgage market. Securitisation also tends.