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Ist eine makroprudenzielle Regulierung des deutschen Hypothekenmarktes geboten?

Author

Listed:
  • Lerbs Oliver

    (Zentrum für Europäische Wirtschaftsforschung (ZEW), L 7, 1, 68161 MannheimZentrum für Europäische Wirtschaftsforschung (ZEW)L 7, 168161 MannheimGermany)

  • Voigtländer Michael

    (Institut der deutschen Wirtschaft (IW), Postfach 10 19 42, 50459 KölnInstitut der deutschen Wirtschaft (IW)Postfach 10 19 4250459 KölnGermany)

Abstract

Die Bundesregierung hat neue Instrumente der makroprudenziellen Regulierung für den deutschen Hypothekenmarkt geschaffen. Oliver Lerbs und Michael Voigtländer untersuchen die Notwendigkeit der Anwendung dieser Instrumente vor dem Hintergrund bestehender Finanzierungsgewohnheiten und Regulierungen. Angesichts der im internationalen Vergleich bereits als konservativ anzusehenden Ausgestaltung der Wohnimmobilienfinanzierung erscheint ein Einsatz makroprudenzieller Instrumente auf absehbare Zeit nicht erforderlich. Grundsätzlich sollten Entscheidungen hierüber regelgebunden auf Grundlage belastbarer Einzelkreditdaten erfolgen. Dafür bedarf es insgesamt eines besseren Monitorings des Immobilienfinanzierungsmarktes.

Suggested Citation

  • Lerbs Oliver & Voigtländer Michael, 2018. "Ist eine makroprudenzielle Regulierung des deutschen Hypothekenmarktes geboten?," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 19(1), pages 42-56, March.
    • Handle: RePEc:bpj:pewipo:v:19:y:2018:i:1:p:42-56:n:1
    DOI: 10.1515/pwp-2017-0043
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    More about this item

    Keywords

    E44; E58; G21; G28; R21; Makroprudenzielle Regulierung; Hypothekenfinanzierung; Hauspreise; Verschuldung; Finanzstabilität;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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