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Housing Finance in the Euro Area

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Author Info
Francesco Drudi (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Petra Köhler-Ulbrich (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Marco Protopapa (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Jiri Slacalek (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Christoffer Kok Sørensen (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Guido Wolswijk (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Ramón Gómez Salvador (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Ruth Magono (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Nico Valckx (European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.)
Elmar Stöss (Deutsche Bundesbank,Taunusanlage 5, D-60329 Frankfurt am Main, Germany.)
Karin Wagner (Oesterreichische Nationalbank, Otto Wagner Platz 3, A-1011 Vienna, Austria.)
Zoltan Walko (Oesterreichische Nationalbank, Otto Wagner Platz 3, A-1011 Vienna, Austria.)
Marie Denise Zachary (Banque Nationale de Belgique, Boulevard de Berlaimont 14, B-1000 Brussels, Belgium.)
Silvia Magri (Banca d'Italia, Via Nazionale 91, I - 00184 Rome, Italy.)
Laura Bartiloro (Banca d'Italia, Via Nazionale 91, I - 00184 Rome, Italy.)
Paolo Mistrulli (Banca d'Italia, Via Nazionale 91, I - 00184 Rome, Italy.)
Yannis Asimakopoulos (Bank of Greece, 21, E. Venizelos Avenue, P. O. Box 3105, GR-10250 Athens, Greece.)
Vasilis Georgakopoulos (Bank of Greece, 21, E. Venizelos Avenue, P. O. Box 3105, GR-10250 Athens, Greece.)
Maria Kasselaki (Bank of Greece, 21, E. Venizelos Avenue, P. O. Box 3105, GR-10250 Athens, Greece.)
Jorge Martínez Pagés (Banco de España, Alcalá 50, E-28014 Madrid, Spain.)
Romain Weber (Banque centrale du Luxembourg, 2 boulevard Royal, L - 2983 Luxembourg, Luxembourg.)
Christiana Argyridou (Central Bank of Cyprus, 80, Kennedy Avenue, CY-1076 Lekosia, Cyprus.)
Wendy Zammit (Bank of Malta, Castille Place, Valetta, CMR 01, Malta.)
Nuno Ribeiro (Banco de Portugal, 148, Rua do Comercio, P-1101 Lisbon, Codex, Portugal.)
Daniel Gabrielli (Banque de France, 39, rue Croix-des-Petits-Champs, F-75049 Paris Cedex 01, France.)
Nicola Doyle (Central Bank of Ireland, Dame Street, IE Dublin 2, Ireland.)
Harri Hasko (Suomen Pankki, P. O. Box 160, FIN-00101 Helsinki, FI.)
Vesna Lukovic (Banka Slovenije, Slovenska 35, SL-1505 Ljubljana, SL.)

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Abstract

This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such loans and the spreads between the interest rates on loans granted by banks and the interest rates banks had to pay on their funding, or the return they made on alternative investments. In addition, the report contains a comparison of key aspects of housing finance in the euro area with those in the United Kingdom and the United States. At the end, the report briefly discusses aspects of the transmission of monetary policy to the economy. JEL Classification: D14, E44, E5, G21, R21.

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Publisher Info
Paper provided by European Central Bank in its series Occasional Paper Series with number 101.

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Length: 97 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:ecb:ecbops:20090101

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Related research
Keywords: bank competition; bank funding; bankruptcy; banks; cost of funding (of banks); cost of housing loans; debt service; ECB monetary policy; foreclosure; household debt; household survey; housing finance; insolvency; loan maturity; loan-to-value ratio; monetary policy transmission; mortgage; mortgage covered bond; mortgage equity withdrawal; mortgage interest rate spread; redemption scheme; rental market; retail deposits; securitisation; taxation; US housing market crisis.;

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This page was last updated on 2009-11-20.

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