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The macroprudential measures adopted in Europe for the real estate sector

Author

Listed:
  • Daniele Ciani

    (Banca d'Italia)

  • Wanda Cornacchia

    (Banca d'Italia)

  • Paolo Garofalo

    (Banca d'Italia)

Abstract

Risks are emerging in the real estate sector in Europe and the authorities have taken macroprudential measures to contain them. This paper reviews the main measures that have been or are being adopted in a number of European countries, and analyzes the main issues concerning the choice and the effectiveness of the different instruments. In the countries examined, the macroprudential instruments are just beginning to be phased and clear evidence of their effectiveness is not yet available. In some countries several measures have been introduced: given the uncertainty surrounding the functioning of these tools, the use of multiple instruments appears to offer greater potential, including in terms of the ability to reduce avoidance. The initial experiences show that macroprudential measures are more effective if they are put in place promptly when the indicators of risk in the real estate market and finance start to worsen. Calibration issues also appear to be crucial for their effectiveness.

Suggested Citation

  • Daniele Ciani & Wanda Cornacchia & Paolo Garofalo, 2014. "The macroprudential measures adopted in Europe for the real estate sector," Questioni di Economia e Finanza (Occasional Papers) 227, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_227_14
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2014-0227/QEF-227.pdf
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    Citations

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    Cited by:

    1. John V. Duca & Lilit Popoyan & Susan M. Wachter, 2019. "Real Estate And The Great Crisis: Lessons For Macroprudential Policy," Contemporary Economic Policy, Western Economic Association International, vol. 37(1), pages 121-137, January.
    2. Stijn Ferrari & Mara Pirovano & Wanda Cornacchia, 2015. "Identifying early warning indicators for real estate-related banking crises," ESRB Occasional Paper Series 08, European Systemic Risk Board.

    More about this item

    Keywords

    macroprudential policy; macroprudential measures; real estate market;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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