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Housing, Financial and Capital Taxation Policies to Ensure Robust Growth in Sweden

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  • Muge Adalet McGowan

    (OECD)

Abstract

Extensive structural reforms since the early 1990s have strengthened the resilience of the Swedish economy to shocks. However, more needs to be done to better manage near-term risks and ensure that growth remains sustainable in the longer run. Reforming the housing market would reduce the risks associated with high house prices, ensure adequate residential investment and improve labour mobility and well-being. Clarifying the division of responsibilities in financial regulation and improving the macroprudential toolkit would reduce the risks to stability and the contingent fiscal liabilities arising from a large, concentrated banking system. Better aligning the taxation of different types of assets would make taxation more neutral. Marché du logement, secteur financier et fiscalité du capital: conduire des politiques propres à garantir une croissance vigoureuse en Suède Les réformes structurelles de grande envergure conduites depuis le début des années 90 ont renforcé la résistance de l’économie suédoise aux crises. Cependant, il faut aller plus loin encore pour mieux gérer les risques à court terme et faire en sorte que la croissance persiste dans la durée. Une réforme du marché de l’immobilier faciliterait un atterrissage en douceur des prix des logements, une hausse de l’investissement résidentiel et une amélioration de la mobilité de la main-d’oeuvre et du bien-être. Préciser la répartition des responsabilités dans la réglementation financière et améliorer la panoplie d’instruments macroprudentiels permettraient d’apaiser les menaces qui pèsent sur la stabilité et de réduire les engagements budgétaires éventuels liés à l’existence d’un système bancaire vaste et concentré. Une harmonisation plus poussée de l’imposition des différentes catégories d’actifs rendrait la fiscalité plus neutre.

Suggested Citation

  • Muge Adalet McGowan, 2013. "Housing, Financial and Capital Taxation Policies to Ensure Robust Growth in Sweden," OECD Economics Department Working Papers 1024, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:1024-en
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    File URL: http://dx.doi.org/10.1787/5k4c0vtc1kkk-en
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    References listed on IDEAS

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    More about this item

    Keywords

    bank resolution; capital taxation; contrôle des loyers; croissance; endettement des ménages; financial stability; growth; household; housing markets; imposition du capital; macroprudential regulation; marché du logement; rent regulation; réglementation macroprudentielle; stabilité financière; Suède; Sweden;

    JEL classification:

    • D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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