Gateway to Think Tanks
来源类型 | External Publication |
规范类型 | 其他 |
Soaring house prices in major cities: how to spot and moderate them | |
Grégory Claeys; Konstantinos Efstathiou; Dirk Schoenmaker | |
发表日期 | 2019-06-19 |
出版年 | 2019 |
语种 | 英语 |
概述 | This article examines whether there are regional differences in house price growth within European countries and find a stronger cyclical pattern in capital cities compared to other regions, indicating a clear rationale for regional-level tools. The authors recommend using macro-prudential measures at a regional level, in particular loan-to-value and debt-to-income limits, to dampen the housing boom-bust cycle. |
摘要 | Rapidly rising house prices are a well-known source of financial instability. This chapter examines whether there are regional differences in house price growth within European countries and, whether this warrants more targeted measures to address vulnerabilities. The focus is on the division in terms of house prices between the capital cities and the rest of the territories of six EU countries. There is evidence of a decoupling between capitals and the rest of the country. House prices in capitals seem to have a stronger cyclical component which would indicate a clear rationale for regional-level tools. An instrument that could be used locally is tax. But adjusting taxes to dampen house prices would be very difficult. Structural measures to adjust the housing supply, such as relaxing planning restrictions typically have a long lead time. An alternative is to use macro-prudential measures at a regional level, in particular loan-to-value and debt-to-income limits. In that way, the housing boom-bust cycle might be dampened. |
主题 | European Macroeconomics & Governance |
关键词 | European Union House prices Housing bubbles Macro-prudential regional differences |
URL | https://bruegel.org/2019/06/soaring-house-prices-in-major-cities-how-to-spot-and-moderate-them/ |
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/429841 |
推荐引用方式 GB/T 7714 | Grégory Claeys,Konstantinos Efstathiou,Dirk Schoenmaker. Soaring house prices in major cities: how to spot and moderate them. 2019. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
hot-property-front-p(135KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
Claeys2019_Chapter_S(940KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。