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Spain: Financial Sector Assessment Program: Technical Note: Housing Prices, Household Debt, and Financial Stability

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  • International Monetary Fund

Abstract

This report reviews the macroeconomic determinants of the rapid growth in the Spanish housing market, including various policy elements. It examines the vulnerabilities of households' finances as a result of the rapid growth of housing prices and mortgage debt. It also describes the Spanish mortgage market and assesses the resilience of the financial sector to a possible adjustment in the housing and mortgage markets. It presents a market-based indicator to show the market views on the quality of the mortgage portfolio and also provides recommendations.

Suggested Citation

  • International Monetary Fund, 2006. "Spain: Financial Sector Assessment Program: Technical Note: Housing Prices, Household Debt, and Financial Stability," IMF Staff Country Reports 2006/210, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2006/210
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    References listed on IDEAS

    as
    1. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Working Papers 0307, Banco de España.
    2. Juan Ayuso & Jorge Martínez & Luis A. Maza & Fernando Restoy, 2003. "House prices in Spain," Economic Bulletin, Banco de España, issue OCT, pages 69-74, October.
    3. Juan Ayuso & Fernando Restoy, 2003. "House prices and rents: an equilibrium asset pricing approach," Working Papers 0304, Banco de España.
    4. Jaime Caruana, 2005. "Monetary policy, financial stability and asset prices," Occasional Papers 0507, Banco de España.
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    Cited by:

    1. Saracho de la Torre, Ana Isabel & Usategui Díaz de Otalora, José María, 2008. "Policy Coordination in an Oligopolistic Housing Market," DFAEII Working Papers 1988-088X, University of the Basque Country - Department of Foundations of Economic Analysis II.
    2. Mr. Renzo G Avesani & Ms. Elina Ribakova & Antonio I Garcia Pascual, 2007. "The Use of Mortgage Covered Bonds," IMF Working Papers 2007/020, International Monetary Fund.
    3. Jorge E. Galán & Matías Lamas, 2019. "Beyond the LTV ratio: new macroprudential lessons from Spain," Working Papers 1931, Banco de España.

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