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来源类型Policy Contribution
规范类型简报
Spotting excessive regional house price growth and what to do about it
Grégory Claeys; Konstantinos Efstathiou; Dirk Schoenmaker
发表日期2017-10-18
出版年2017
语种英语
概述Rapidly rising house prices are a well-known source of financial instability. This Policy Contribution examines whether there are regional differences in house price growth within European countries and, if so, whether this warrants more targeted measures to address vulnerabilities.
摘要

This paper is accompanied by an online annex

Housing bubbles are a well-known source of financial instability. In addition, given the importance of this sector to the economy, the collapse of such bubbles tends to be followed by deeper recessions and slower recoveries than other crises, as the recent boom-bust housing cycles in many countries have clearly demonstrated.

In the European Union, the policy instruments available to address this and to prevent future housing bubbles are implemented either at the national level (macroprudential policies) or at the euro-area level (monetary policy). However, recent research suggests that house price developments and bubbles are above all a local phenomenon.

There are significant regional differences in house price developments within EU countries, in particular between capital cities and other regions. Our results suggest that house price fluctuations in capital cities tend to be more volatile and stronger than in the rest of the countries, warranting more targeted measures at the local level.

The authors propose to use differentiated macroprudential policy at the regional level. This could be done with the application of different loan-to-value (LTV) or debt-to-income (DTI) limits for mortgages in capital cities and in the rest of the countries, in order to tighten policy more quickly in areas more prone to overheating. This type of policy has already been successfully applied in Korea. Competent authorities in the EU should consider adding this instrument to their toolkits in order to increase the precision, and therefore the effectiveness, of their policies.

主题European Macroeconomics & Governance
关键词European governance financial crisis Housing bubbles
URLhttps://bruegel.org/2017/10/spotting-excessive-regional-house-price-growth-and-what-to-do-about-it/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429660
推荐引用方式
GB/T 7714
Grégory Claeys,Konstantinos Efstathiou,Dirk Schoenmaker. Spotting excessive regional house price growth and what to do about it. 2017.
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