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Housing, prices and tax policy in Spain

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  • Miguel-Angel Lopez-Garcia

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Abstract

This paper analyses the consequences of different tax policies upon the evolution of housing prices and residential capital stock (in the form of home ownership) in Spain. The framework is a computational aggregate model of housing as an asset. Policies under consideration are the removal of housing subsidies implicit in the personal income tax and the introduction of “investment incentives” in housing (i.e., policies addressed specifically to newly-produced housing). Both long-run effects and dynamic trajectories are discussed herein. With regards to the latter, distinction is made between those situations in which economic agents have rational expectations (i.e., perfect foresight) and static expectations. Copyright Springer-Verlag Berlin/Heidelberg 2004

Suggested Citation

  • Miguel-Angel Lopez-Garcia, 2004. "Housing, prices and tax policy in Spain," Spanish Economic Review, Springer;Spanish Economic Association, vol. 6(1), pages 29-52, April.
  • Handle: RePEc:spr:specre:v:6:y:2004:i:1:p:29-52
    DOI: 10.1007/s10108-003-0074-y
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    Citations

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    Cited by:

    1. Samuel Bentolila & Pierre Cahuc & Juan Jose Dolado & Thomas Le Barbanchon, 2010. "Two-Tier Labor Markets in the Great Recession: France vs. Spain," CESifo Working Paper Series 3269, CESifo Group Munich.
    2. Francisco Azpitarte, 2010. "The household wealth distribution in Spain: The role of housing and financial wealth," Hacienda Pública Española, IEF, vol. 194(3), pages 65-90, October.
    3. Mora-Sanguinetti, Juan S. & Rubio, Margarita, 2014. "Recent reforms in Spanish housing markets: An evaluation using a DSGE model," Economic Modelling, Elsevier, vol. 44(S1), pages 42-49.
    4. Josep Maria Raya & Aleksander Kucel, 2016. "Did Housing Taxation Contribute to Increase Riskier Borrowing?," The Journal of Real Estate Finance and Economics, Springer, vol. 53(1), pages 90-113, July.
    5. Carlos Garriga, 2010. "The Role of Construction in the Housing Boom and Bust in Spain," Working Papers 2010-09, FEDEA.

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