Housing Markets and Adjustment in Monetary Union:
This paper highlights the factors that limit or increase cyclical divergence in the euro area and reviews one policy area that is important in fostering a speedy adjustment to shocks: the transmission of monetary policy via the housing market. A high interest rate sensitivity of housing markets is b...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2007
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| Schriftenreihe: | OECD Economics Department Working Papers
no.550 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper highlights the factors that limit or increase cyclical divergence in the euro area and reviews one policy area that is important in fostering a speedy adjustment to shocks: the transmission of monetary policy via the housing market. A high interest rate sensitivity of housing markets is beneficial as monetary policy is more powerful in damping cyclical fluctuations overall in the euro area. However, housing and mortgage markets still differ widely, leading to asymmetric behaviour of individual countries. Large differences exist in home-ownership rates, financial markets, taxation and supply constraints. Moreover, it is important to have a financial system that can withstand asset price bubbles. In this context, the procyclicality of bank provisioning is of concern as it could lead to a credit crunch and reinforce a downturn. Prudential supervision across the area has become better co-ordinated, but still remains fragmented. |
| Beschreibung: | 1 Online-Ressource (40 p.) 21 x 29.7cm. |
| DOI: | 10.1787/208627725571 |
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| spelling | Hoeller, Peter VerfasserIn aut Housing Markets and Adjustment in Monetary Union Peter, Hoeller and David, Rae = Marchés immobiliers et ajustement en union monétaire / Peter, Hoeller et David, Rae Marchés immobiliers et ajustement en union monétaire Paris OECD Publishing 2007 1 Online-Ressource (40 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.550 This paper highlights the factors that limit or increase cyclical divergence in the euro area and reviews one policy area that is important in fostering a speedy adjustment to shocks: the transmission of monetary policy via the housing market. A high interest rate sensitivity of housing markets is beneficial as monetary policy is more powerful in damping cyclical fluctuations overall in the euro area. However, housing and mortgage markets still differ widely, leading to asymmetric behaviour of individual countries. Large differences exist in home-ownership rates, financial markets, taxation and supply constraints. Moreover, it is important to have a financial system that can withstand asset price bubbles. In this context, the procyclicality of bank provisioning is of concern as it could lead to a credit crunch and reinforce a downturn. Prudential supervision across the area has become better co-ordinated, but still remains fragmented. Economics Euro Area Rae, David MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/208627725571 Volltext |
| spellingShingle | Hoeller, Peter Housing Markets and Adjustment in Monetary Union Economics Euro Area |
| title | Housing Markets and Adjustment in Monetary Union |
| title_alt | Marchés immobiliers et ajustement en union monétaire |
| title_auth | Housing Markets and Adjustment in Monetary Union |
| title_exact_search | Housing Markets and Adjustment in Monetary Union |
| title_full | Housing Markets and Adjustment in Monetary Union Peter, Hoeller and David, Rae = Marchés immobiliers et ajustement en union monétaire / Peter, Hoeller et David, Rae |
| title_fullStr | Housing Markets and Adjustment in Monetary Union Peter, Hoeller and David, Rae = Marchés immobiliers et ajustement en union monétaire / Peter, Hoeller et David, Rae |
| title_full_unstemmed | Housing Markets and Adjustment in Monetary Union Peter, Hoeller and David, Rae = Marchés immobiliers et ajustement en union monétaire / Peter, Hoeller et David, Rae |
| title_short | Housing Markets and Adjustment in Monetary Union |
| title_sort | housing markets and adjustment in monetary union |
| topic | Economics Euro Area |
| topic_facet | Economics Euro Area |
| url | https://doi.org/10.1787/208627725571 |
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