Commercial real estate and financial stability – new insights from the euro area credit register

Ellen Ryan, Aoife Horan and Barbara Jarmulska

Macroprudential Bulletin, 2022, vol. 19

Abstract: This article examines links between Commercial Real Estate (CRE) markets and financial stability. The global financial crisis demonstrated the implications of CRE boom-bust cycles for the stability of many countries’ financial systems. However, CRE risk assessment and macroprudential policy frameworks remain in their infancy due to both the markets’ complexity and the persistence of data gaps. This article takes steps towards closing a number of data gaps by using euro area credit register data to examine the size and nature of links between euro area (EA) banks and CRE markets. Moreover, given that this dataset covers the COVID-19 pandemic crisis period, the operation of these transmission channels can be seen in action, providing insight into how economic theory plays out in practice. JEL Classification: G00, C55, R30

Keywords: Commercial Real Estate; Financial Stability; Micro-data (search for similar items in EconPapers)
Date: 2022-10
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbmbu:2022:0019:4

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