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On some fiscal effects on mortgage debt growth in the EU

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Author Info
Guido Wolswijk () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany)

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Abstract

This 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.

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Paper provided by European Central Bank in its series Working Paper Series with number 526.

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Length: 39 pages
Date of creation: Sep 2005
Date of revision:
Handle: RePEc:ecb:ecbwps:20050526

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Related research
Keywords: Mortgage credit; loans; tax policy; income tax; interest deductibility.;

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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; Mortgages
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Wilko Bolt & David Humphrey, 2005. "Public good issues in TARGET - natural monopoly, scale economies, network effects and cost allocation," Working Paper Series 505, European Central Bank. [Downloadable!]
  2. Günter Coenen & Roland Straub, 2005. "Does Government Spending Crowd in Private Consumption? Theory and Empirical Evidence for the Euro Area," International Finance, Blackwell Publishing, vol. 8(3), pages 435-470, December. [Downloadable!] (restricted)
    Other versions:
  3. Matthieu Bussière & Marcel Fratzscher & Gernot J. Müller, 2005. "Productivity shocks, budget deficits and the current account," Working Paper Series 509, European Central Bank. [Downloadable!]
  4. Cornelia Holthausen & Jean-Charles Rochet, 2005. "Incorporating a “public good factor” into the pricing of large-value payment systems," Working Paper Series 507, European Central Bank. [Downloadable!]
  5. Luis J. Álvarez & Pablo Burriel & Ignacio Hernando, 2005. "Price setting behaviour in Spain: evidence from micro PPI data," Working Paper Series 522, European Central Bank. [Downloadable!]
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  6. Josef Baumgartner & Ernst Glatzer & Fabio Rumler & Alfred Stiglbauer, 2005. "How Frequently Do Consumer Prices Change in Austria? Evidence from Micro CPI Data," Working Papers 101, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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  7. Daniel A. Dias & Carlos Robalo Marques & João M. C. Santos Silva, 2005. "Time or state dependent price setting rules? Evidence from Portuguese micro data," Working Paper Series 511, European Central Bank. [Downloadable!]
  8. Hans Peter Grüner & Bernd Hayo & Carsten Hefeker, 2005. "Unions, wage setting and monetary policy uncertainty," Working Paper Series 490, European Central Bank. [Downloadable!]
  9. Robert-Paul Berben & Ricardo Mestre & Julian Morgan & Theodoros Mitrakos & Nikolaos G. Zonzilos, 2005. "Inflation persistence in structural macroeconomic models (RG10)," Working Paper Series 521, European Central Bank. [Downloadable!]
  10. Alain Durré & Pierre Giot, 2005. "An international analysis of earnings, stock prices and bond yields," Working Paper Series 515, European Central Bank. [Downloadable!]
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Cited by:
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  1. Christoffer Kok Sørensen & Jung-Duk Lichtenberger, 2007. "Mortage interest rate dispersion in the euro area," Working Paper Series 733, European Central Bank. [Downloadable!]
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