Finland's Housing Market: Reducing Risks and Improving Policies
While pronounced cycles in house prices have been a major cause of macroeconomic instability in the past, current house price developments do not yet suggest an overheating of the housing market. However, several important concerns are related to both direct effects of housing markets on overall act...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2006
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | While pronounced cycles in house prices have been a major cause of macroeconomic instability in the past, current house price developments do not yet suggest an overheating of the housing market. However, several important concerns are related to both direct effects of housing markets on overall activity and to more structural and regional issues. A factor making housing markets and the macro economy vulnerable to interestrate shocks is the high share of mortgage loans linked to variable interest rates. Tax subsidies to housing may largely be capitalised in higher land prices rather than increasing housing availability to the extent that slow planning procedures and municipalities' unwillingness to provide building land have limited the growth of the housing stock in growth regions. This would argue for improving municipalities' incentives to provide building land, speeding up planning procedures and a phased removal of the tax advantage associated with housing. Furthermore, the provision of social housing and the housing allowance system should be better targeted on those most in need of affordable housing |
| Physical Description: | 1 Online-Ressource (37 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/045113767231 |
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| spelling | Vartia, Laura Verfasser aut Finland's Housing Market Reducing Risks and Improving Policies Laura Vartia = Le marché du logement en Finlande : réduire les risques et améliorer les politiques / Laura Vartia Le marché du logement en Finlande Paris OECD Publishing 2006 1 Online-Ressource (37 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers While pronounced cycles in house prices have been a major cause of macroeconomic instability in the past, current house price developments do not yet suggest an overheating of the housing market. However, several important concerns are related to both direct effects of housing markets on overall activity and to more structural and regional issues. A factor making housing markets and the macro economy vulnerable to interestrate shocks is the high share of mortgage loans linked to variable interest rates. Tax subsidies to housing may largely be capitalised in higher land prices rather than increasing housing availability to the extent that slow planning procedures and municipalities' unwillingness to provide building land have limited the growth of the housing stock in growth regions. This would argue for improving municipalities' incentives to provide building land, speeding up planning procedures and a phased removal of the tax advantage associated with housing. Furthermore, the provision of social housing and the housing allowance system should be better targeted on those most in need of affordable housing Economics Finland https://doi.org/10.1787/045113767231 Verlag kostenfrei Volltext |
| spellingShingle | Vartia, Laura Finland's Housing Market Reducing Risks and Improving Policies Economics Finland |
| title | Finland's Housing Market Reducing Risks and Improving Policies |
| title_alt | Le marché du logement en Finlande |
| title_auth | Finland's Housing Market Reducing Risks and Improving Policies |
| title_exact_search | Finland's Housing Market Reducing Risks and Improving Policies |
| title_exact_search_txtP | Finland's Housing Market Reducing Risks and Improving Policies |
| title_full | Finland's Housing Market Reducing Risks and Improving Policies Laura Vartia = Le marché du logement en Finlande : réduire les risques et améliorer les politiques / Laura Vartia |
| title_fullStr | Finland's Housing Market Reducing Risks and Improving Policies Laura Vartia = Le marché du logement en Finlande : réduire les risques et améliorer les politiques / Laura Vartia |
| title_full_unstemmed | Finland's Housing Market Reducing Risks and Improving Policies Laura Vartia = Le marché du logement en Finlande : réduire les risques et améliorer les politiques / Laura Vartia |
| title_short | Finland's Housing Market |
| title_sort | finland s housing market reducing risks and improving policies |
| title_sub | Reducing Risks and Improving Policies |
| topic | Economics Finland |
| topic_facet | Economics Finland |
| url | https://doi.org/10.1787/045113767231 |
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