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The macroprudential measures adopted in Europe for the real estate sector

Daniele Ciani (), Wanda Cornacchia and Paolo Garofalo ()
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Daniele Ciani: Banca d'Italia
Paolo Garofalo: Banca d'Italia

No 227, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Risks are emerging in the real estate sector in Europe and the authorities have taken macroprudential measures to contain them. This paper reviews the main measures that have been or are being adopted in a number of European countries, and analyzes the main issues concerning the choice and the effectiveness of the different instruments. In the countries examined, the macroprudential instruments are just beginning to be phased and clear evidence of their effectiveness is not yet available. In some countries several measures have been introduced: given the uncertainty surrounding the functioning of these tools, the use of multiple instruments appears to offer greater potential, including in terms of the ability to reduce avoidance. The initial experiences show that macroprudential measures are more effective if they are put in place promptly when the indicators of risk in the real estate market and finance start to worsen. Calibration issues also appear to be crucial for their effectiveness.

Keywords: macroprudential policy; macroprudential measures; real estate market (search for similar items in EconPapers)
JEL-codes: E44 E58 E61 (search for similar items in EconPapers)
Date: 2014-09
New Economics Papers: this item is included in nep-eec and nep-mac
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Citations: View citations in EconPapers (2)

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