| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14632 |
| DP14632 The effect of self-financed property buyers on local house prices | |
| Andreas Fischer; Lucca Zachmann | |
| 发表日期 | 2020-04-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper tests the hypothesis whether self-financed property buyers, such as insurance and pension funds, have a larger effect on local house prices than bank-financed property buyers, such as homeowners. Self-financed property buyers of new residential housing are not dependent on mortgage credit and operate independently of the macro-prudential environment. This is not so for bank-financed property buyers. We examine the response of Swiss house prices to new housing investments by self- and bank-financed property buyers at the municipality level between 2008 and 2015: a period when interest rates were at the zero lower bound and macro-prudential regulation became more restrictive. Despite being a small investor class for new residential housing, self-financed property buyers have a disproportionate effect on local house prices. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Self-financed investors Zero lower bound Macro-prudential regulation |
| URL | https://cepr.org/publications/dp14632 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543543 |
| 推荐引用方式 GB/T 7714 | Andreas Fischer,Lucca Zachmann. DP14632 The effect of self-financed property buyers on local house prices. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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