Housing, Collateral Constraints, and Fiscal Policy
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.
Volume (Year): 2 (2013)
Issue (Month): 2 (May)
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