On some fiscal effects on mortgage debt growth in the EU
AbstractThis paper analyses some fiscal aspects of mortgage debt in the EU. It first describes the main fiscal instruments that governments use to affect mortgage-financed home-ownership. In the empirical part, real mortgage debt growth is analysed for 15 EU countries using pooled regressions. Fiscal effects are included via after-tax interest rates. Other factors shown to be relevant for mortgage debt growth are house prices, financial deregulation, and stock markets while the effects of household income and inflation are less evident. Finally, the role of structural fiscal measures in reducing housing market volatility is highlighted. JEL Classification: E51, E62, G21, H31, R21
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 0526.
Date of creation: Sep 2005
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Find related papers by JEL classification:
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-11-13 (All new papers)
- NEP-EEC-2005-11-13 (European Economics)
- NEP-FIN-2005-11-12 (Finance)
- NEP-MAC-2005-11-15 (Macroeconomics)
- NEP-PBE-2005-11-14 (Public Economics)
- NEP-URE-2006-01-02 (Urban & Real Estate Economics)
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