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Fiscal Aspects of Housing in Europe

In: Housing Market Challenges in Europe and the United States

Author

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  • Guido Wolswijk

Abstract

A large degree of volatility in housing markets and in mortgage markets may have disruptive effects on the economy. Large negative shocks on these markets may, for instance, adversely affect the economy and pri-vate consumption in particular via the wealth effect and via less mortgage equity withdrawal, but negative effects on housing investment may also arise.2 Disruptions in the housing sector can be quite severe as a result of the lagged responses in the supply of houses and because of households’ adaptive formation of expectations, extrapolating recent house price increases (and related capital gains) to the future. Large adverse shocks can also impair financial stability.3

Suggested Citation

  • Guido Wolswijk, 2009. "Fiscal Aspects of Housing in Europe," Palgrave Macmillan Books, in: Philip Arestis & Peter Mooslechner & Karin Wagner (ed.), Housing Market Challenges in Europe and the United States, chapter 8, pages 158-177, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24698-0_8
    DOI: 10.1057/9780230246980_8
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    Cited by:

    1. Schuknecht, Ludger, 2019. "Fiscal-financial vulnerabilities," SAFE White Paper Series 62, Leibniz Institute for Financial Research SAFE.
    2. Andrea Kunnert & Josef Baumgartner, 2012. "Instrumente und Wirkungen der österreichischen Wohnungspolitik," WIFO Studies, WIFO, number 45878, April.

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