Empirical links between housing markets and economic resilience:

Housing markets, which are large and subject to sharp swings, shape to a great extent countries' exposure to economic crises and their capacity to recover from them. This paper analyses the transmission of housing-related shocks to the real economy: it investigates the role that policy plays in...

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Bibliographic Details
Main Author: Cournède, Boris (Author)
Other Authors: Sakha, Sahra (Contributor), Ziemann, Volker (Contributor)
Format: Electronic eBook
Language:English
Published: Paris OECD Publishing 2019
Series:OECD Economics Department Working Papers
Subjects:
Online Access:Volltext
Summary:Housing markets, which are large and subject to sharp swings, shape to a great extent countries' exposure to economic crises and their capacity to recover from them. This paper analyses the transmission of housing-related shocks to the real economy: it investigates the role that policy plays in (a) mitigating or amplifying shocks and (b) facilitating or hampering a recovery. It considers macroprudential measures, rental regulation, taxation and land use restrictions. The aim is to investigate, which housing policy-related reforms can foster greater economic resilience. Among other results, it finds that a tighter macroprudential stance is generally linked to a lower likelihood of economic crisis and that higher effective rates of housing taxation are associated with smoother housing cycles
Physical Description:1 Online-Ressource (46 Seiten)
DOI:10.1787/aa029083-en