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Openness, Financial Markets and Policies: Cross-Country and Dynamic Patterns

  • Giuseppe BERTOLA
  • Anna LO PRETE

The housing market has some analogies with the labour market. In particular, the matching of a landlord and a tenant does not occur immediately and the presence of frictions means there is no single level of rent which can ensure a balance between the supply and demand for housing. This article uses a search equilibrium model à la Pissarides-Burdett- Mortensen in order to represent the rental housing market. Then, we analyse the effects of the building of social housing and of housing benefits. We show that housing policy does not necessarily lead to an improvement of access to housing and can increase the average rent.

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Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (2009)
Issue (Month): 95-96 ()
Pages: 167-182

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Handle: RePEc:adr:anecst:y:2009:i:95-96:p:09
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  1. Rodrik, Dani, 1996. "Why do More Open Economies Have Bigger Governments?," CEPR Discussion Papers 1388, C.E.P.R. Discussion Papers.
  2. Jonas Agell, 2002. "On the Determinants of Labour Market Institutions: Rent Seeking vs. Social Insurance," German Economic Review, Verein für Socialpolitik, vol. 3(2), pages 107-135, 05.
  3. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
    • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  4. Mayda, Anna Maria & O'Rourke, Kevin Hjortshøj & Sinnott, Richard, 2007. "Risk, Government and Globalization: International Survey Evidence," CEPR Discussion Papers 6354, C.E.P.R. Discussion Papers.
  5. Hans-Werner Sinn, 2002. "The New Systems Competition," NBER Working Papers 8747, National Bureau of Economic Research, Inc.
  6. Clarke, George & Xu, Lixin Colin & Zou, Heng-fu, 2003. "Finance and income inequality : test of alternative theories," Policy Research Working Paper Series 2984, The World Bank.
  7. Bertola, Giuseppe & Koeniger, Winfried, 2007. "Consumption Smoothing and Income Redistribution," CEPR Discussion Papers 6051, C.E.P.R. Discussion Papers.
  8. Jappelli, Tullio & Pagano, Marco, 1994. "Saving, Growth, and Liquidity Constraints," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 83-109, February.
  9. Atkinson, A. B. & Piketty, Thomas (ed.), 2007. "Top Incomes Over the Twentieth Century: A Contrast Between Continental European and English-Speaking Countries," OUP Catalogue, Oxford University Press, number 9780199286881.
  10. repec:ner:tilbur:urn:nbn:nl:ui:12-3125518 is not listed on IDEAS
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