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Institutional features and regulation of housing and mortgage markets

Author

Listed:
  • Carlos Cuerpo Caballero
  • Anda Patarau
  • Peter Pontuch

Abstract

The most recent cycle in the housing and mortgage markets in euro-area countries was particularly sharp in both its upward and its downward phases. However, its severity varied significantly across countries, reflecting differences in economic conditions, but also in underlying institutional structures. Discerning how institutional structures influence agentsí incentives and shape demand and supply for housing and credit is crucial to understanding these cycles and designing optimal policy responses. This special topic presents an overview of different policy setups and discusses how the resulting incentives affected housing and mortgage market developments in the latest cycle. Four policy areas are considered: tax treatment of housing, macroprudential policy and mortgage market features, land regulation, and rental regulation.

Suggested Citation

  • Carlos Cuerpo Caballero & Anda Patarau & Peter Pontuch, 2014. "Institutional features and regulation of housing and mortgage markets," Quarterly Report on the Euro Area (QREA), Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, vol. 13(2), pages 27-33, June.
    • Handle: RePEc:euf:qreuro:0132-03
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    File URL: http://ec.europa.eu/economy_finance/publications/qr_euro_area/2014/pdf/qrea2_section_3_en.pdf
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    Cited by:

    1. Boris Cournède & Oliver Denk & Peter Hoeller, 2015. "Finance and Inclusive Growth," OECD Economic Policy Papers 14, OECD Publishing.

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    Keywords

    housing markets;

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