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Home Ownership Finance in Austria and Germany

Author

Listed:
  • Edwin Deutsch
  • Horst Tomann

Abstract

This paper studies the financial barriers to ownership entry in Austria and Germany. In both countries the financial institutions are similar but there are differences as to public assistance, mortgage markets and risk allocation. Various risk shifting mechanisms between borrowers, banking and the state, and their impacts on social costs and social efficiency, are discussed. The findings indicate possible credit-rationing as an outcome of the current securitization methods used in Austrian and German bank intermediation and their interaction with subsidy and tax allowance instruments. The existing entry barriers have raised concerns among the current decision makers and may initiate financial reforms in the near future. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • Edwin Deutsch & Horst Tomann, 1995. "Home Ownership Finance in Austria and Germany," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(4), pages 441-474.
  • Handle: RePEc:bla:reesec:v:23:y:1995:i:4:p:441-474
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    References listed on IDEAS

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    5. Ling, David C. & McGill, Gary A., 1998. "Evidence on the Demand for Mortgage Debt by Owner-Occupants," Journal of Urban Economics, Elsevier, vol. 44(3), pages 391-414, November.
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    Cited by:

    1. Polterovich, Victor & Starkov, Oleg, 2006. "Проблема Трансплантации Ипотечных Институтов В Переходных Экономиках: Роль Стройсберкасс
      [The Problem of Transplantation of Housing Finance Institutions in Transition Economies: the Role of Contrac
      ," MPRA Paper 21996, University Library of Munich, Germany.
    2. Blackwell, Timothy & Kohl, Sebastian, 2017. "Varieties of housing finance in historical perspective: The impact of mortgage finance systems on urban structures and homeownership," MPIfG Discussion Paper 17/2, Max Planck Institute for the Study of Societies.
    3. Timo Hener, 2013. "Labeling Effects of Child Benefits on Family Savings," ifo Working Paper Series 163, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    4. Gabriel Lee & Philipp Schmidt-Dengler & Bernhard Felderer & Christian Helmenstein, 2001. "Austrian Demography and Housing Demand: Is There a Connection," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, pages 259-276.
    5. repec:kap:reveho:v:15:y:2017:i:3:d:10.1007_s11150-015-9291-z is not listed on IDEAS
    6. Gabriel Lee & Philipp Schmidt-Dengler, 1998. "Austrian Demography and Housing Demand: Is There a Connection?," ERES eres1998_124, European Real Estate Society (ERES).

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