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The role of government and financial institutions during a housing market crisis: a case study of the Netherlands

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  • Peter Boelhouwer

Abstract

The generous mortgage tax relief enjoyed in the Netherlands and the possible existence of a house price bubble cannot explain the sharp decrease of house prices in the Netherlands in the period from 2011–2013. This sharp decline can, however, be explained by the rigorous adjustments to mortgage lending criteria after 2011. Key financial institutions in the Netherlands were more directly responsible for the deep crisis of the home-ownership market during this period. This was largely due to the specific interests of these organisations, mainly based on macro-economic considerations and the desire to enlarge the equity of the banks, which outweighed the problems on the housing market.

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  • Peter Boelhouwer, 2017. "The role of government and financial institutions during a housing market crisis: a case study of the Netherlands," International Journal of Housing Policy, Taylor & Francis Journals, vol. 17(4), pages 591-602, October.
    • Handle: RePEc:taf:intjhp:v:17:y:2017:i:4:p:591-602
    DOI: 10.1080/19491247.2017.1357399
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    Citations

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    Cited by:

    1. Konstantin A. Kholodilin & Sebastian Kohl & Florian Müller, 2023. "Government-Made House Price Bubbles? Austerity, Homeownership, Rental, and Credit Liberalization Policies and the “Irrational Exuberance” on Housing Markets," Discussion Papers of DIW Berlin 2061, DIW Berlin, German Institute for Economic Research.
    2. Shujin Zhang & Peiheng Yu & Yiyun Chen & Ying Jing & Fanxin Zeng, 2022. "Accessibility of Park Green Space in Wuhan, China: Implications for Spatial Equity in the Post-COVID-19 Era," IJERPH, MDPI, vol. 19(9), pages 1-20, April.
    3. Cody Hochstenbach & Richard Ronald, 2020. "The unlikely revival of private renting in Amsterdam: Re-regulating a regulated housing market," Environment and Planning A, , vol. 52(8), pages 1622-1642, November.
    4. Geoffrey Poitras & Giovanna Zanotti, 2018. "Housing Market Bubbles and Mortgage Contract Design: Implications for Mortgage Lenders and Households," JRFM, MDPI, vol. 11(3), pages 1-18, July.
    5. Klarl, Torben, 2018. "Housing is local: Applying a dynamic unobserved factor model for the Dutch housing market," Economics Letters, Elsevier, vol. 170(C), pages 79-84.
    6. Patrick Pilipiec & Wim Groot & Milena Pavlova, 2020. "A Longitudinal Analysis of Job Satisfaction During a Recession in the Netherlands," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(1), pages 239-269, May.
    7. Korthals Altes, Willem K., 2019. "Planning initiative: Promoting development by the use of options in Amsterdam," Land Use Policy, Elsevier, vol. 83(C), pages 13-21.

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