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Logement, crédit et surveillance macroprudentielle

Author

Listed:
  • Sanvi Avouyi-Dovi
  • Claire Labonne
  • Rémy Lecat

Abstract

Advanced countries now benefit from a macroprudential institutional framework. This article presents available monitoring tools for the analysis of the housing market as well as the housing loans market, clearly intertwined. Key indicators are regularly controlled but can be late due to inertia inherent to the housing markets. Complementary capitalization methods are also late indicators since ignoring the short-term supply reaction. Early warning systems are agnostic, but may ignore unexpected adjustment of the fundamentals. Modeling behaviors is theoretically more satisfactory but challenging from an operational perspective. We finally propose a simplified model of the housing and housing loans market for France. Classification JEL: G21, G28, R31, R51.

Suggested Citation

  • Sanvi Avouyi-Dovi & Claire Labonne & Rémy Lecat, 2014. "Logement, crédit et surveillance macroprudentielle," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 269-288.
    • Handle: RePEc:cai:refaef:ecofi_115_0269
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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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