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Housing, Collateral Constraints, and Fiscal Policy

  • Hamza Polattimur

    ()

    (Technical University Dortmund, Germany)

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    This paper studies the preferential tax treatment of housing that can be ob- served in many industrialized countries. It provides a rationale for it by means of an optimal taxation approach, taking into account an important feature of housing, namely its usage as collateral. In a borrower-lender framework, where private loans are assumed to be non-enforceable and have to be collat- eralized by housing, optimal fiscal policy should disburden constrained bor- rowers by subsidizing their housing.

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    File URL: http://ekonomitek.org/pdffile/no5_09_hamza_polattimur.pdf
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    Article provided by Turkish Economic Association in its journal Ekonomi-tek.

    Volume (Year): 2 (2013)
    Issue (Month): 2 (May)
    Pages: 53-82

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    Handle: RePEc:tek:journl:v:2:y:2013:i:2:p:53-82
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    1. Denice DiPasquale & Edward L. Glaeser, 1997. "Incentives and Social Capital: Are Homeowners Better Citizens?," Harvard Institute of Economic Research Working Papers 1815, Harvard - Institute of Economic Research.
    2. Morris A. Davis, 2010. "housing and the business cycle," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
    3. Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
    4. Enrique G. Mendoza & Assaf Razin & Linda L. Tesar, 1994. "Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption," NBER Working Papers 4864, National Bureau of Economic Research, Inc.
    5. Eerola, Essi & Määttänen, Niku, 2005. "The optimal tax treatment of housing capital in the neoclassical growth model," Research Discussion Papers 10/2005, Bank of Finland.
    6. Richard K. Green & Michelle J. White, 1994. "Measuring the Benefits of Homeowning: Effects on Children," University of Chicago - George G. Stigler Center for Study of Economy and State 93, Chicago - Center for Study of Economy and State.
    7. Poterba, James M, 1992. "Taxation and Housing: Old Questions, New Answers," American Economic Review, American Economic Association, vol. 82(2), pages 237-42, May.
    8. Martin Gervais, 1998. "Housing Taxation and Capital Accumulation," UWO Department of Economics Working Papers 9807, University of Western Ontario, Department of Economics.
    9. Matteo Iacoviello, 2002. "House prices, borrowing constraints and monetary policy in the business cycle," Boston College Working Papers in Economics 542, Boston College Department of Economics, revised 06 Dec 2004.
    10. Jonathan Heathcote, 2003. "Housing and the Business Cycle," Working Papers gueconwpa~03-03-21, Georgetown University, Department of Economics.
    11. Brian A. Jacob & Jens Ludwig, 2012. "The Effects of Housing Assistance on Labor Supply: Evidence from a Voucher Lottery," American Economic Review, American Economic Association, vol. 102(1), pages 272-304, February.
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