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Openness, Financial Markets and Policies: Cross-Country and Dynamic Patterns

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  • Giuseppe BERTOLA
  • Anna LO PRETE

Abstract

The housing market has some analogies with the labour market. In particular, the matching of a landlord and a tenant does not occur immediately and the presence of frictions means there is no single level of rent which can ensure a balance between the supply and demand for housing. This article uses a search equilibrium model à la Pissarides-Burdett- Mortensen in order to represent the rental housing market. Then, we analyse the effects of the building of social housing and of housing benefits. We show that housing policy does not necessarily lead to an improvement of access to housing and can increase the average rent.

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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2009)
Issue (Month): 95-96 ()
Pages: 167-182

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Handle: RePEc:adr:anecst:y:2009:i:95-96:p:09

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  1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  2. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October.
  3. Bertola, Giuseppe & Koeniger, Winfried, 2007. "Consumption Smoothing and Income Redistribution," CEPR Discussion Papers 6051, C.E.P.R. Discussion Papers.
  4. George Clarke & Lixin Colin Xu & Heng-fu Zou, 2003. "Finance and Income Inequality: Test of Alternative Theories," CEMA Working Papers 493, China Economics and Management Academy, Central University of Finance and Economics.
  5. Hans-Werner Sinn, 2004. "The New Systems Competition," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(1), pages 23-38, 02.
  6. Mayda, Anna Maria & O'Rourke, Kevin H & Sinnott, Richard, 2007. "Risk, Government and Globalization: International Survey Evidence," CEPR Discussion Papers 6354, C.E.P.R. Discussion Papers.
  7. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2000. "A new database on financial development and structure," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125518, Tilburg University.
  8. Agell, Jonas, 2001. "On the Determinants of Labour Market Institutions: Rent Seeking vs. Social Insurance," Research Papers in Economics 2001:12, Stockholm University, Department of Economics.
  9. Jappelli, Tullio & Pagano, Marco, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 83-109, February.
  10. Atkinson, A. B. & Piketty, Thomas (ed.), 2007. "Top Incomes Over the Twentieth Century: A Contrast Between Continental European and English-Speaking Countries," OUP Catalogue, Oxford University Press, number 9780199286881.
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Cited by:
  1. Bertola, Giuseppe, 2008. "Labour Markets in EMU - What has Changed and What Needs to Change," CEPR Discussion Papers 7049, C.E.P.R. Discussion Papers.
  2. Bertola, Giuseppe & Lo Prete, Anna, 2013. "Finance, Governments, and Trade," CEPR Discussion Papers 9338, C.E.P.R. Discussion Papers.
  3. Bertola, Giuseppe & Lo Prete, Anna, 2010. "Whence Policy? Government Policies, Finance, and Economic Integration," CEPR Discussion Papers 7820, C.E.P.R. Discussion Papers.
  4. Reinhart, Carmen & Felton, Andrew, 2009. "The first global financial crisis of the 21st century,Part II: Introduction," MPRA Paper 13607, University Library of Munich, Germany.
  5. Peter Hoeller & Isabelle Joumard & Mauro Pisu & Debra Bloch, 2012. "Less Income Inequality and More Growth – Are They Compatible? Part 1. Mapping Income Inequality Across the OECD," OECD Economics Department Working Papers 924, OECD Publishing.

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