Housing lending, territorial reform, and the financing of central and peripheral regions: Towards a spatial-monetary regime shift?

Sébastien Bourdin (), Jérôme Picault () and Arnaud Simon ()
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Sébastien Bourdin: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Jérôme Picault: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres
Arnaud Simon: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: The development of home ownership in the second half of the 20th century has been perceived as an asset and a significant contributor to wealth accumulation. However, rising property prices and increasingly stringent mortgage lending criteria have placed this model under pressure, particularly for younger generations. Recent territorial reforms and expansionary monetary policies, such as the European Central Bank's quantitative easing (QE) programme, have produced asymmetric effects on regional housing markets. This study applies a spatial econometric model to French departments to investigate how these developments have disproportionately benefited departments located near new regional capitals, thereby exacerbating disparities between these centres and their peripheral territories. By incorporating a spatial perspective, this analysis enriches our understanding of the dynamics between housing finance and regional development while shedding light on the implications of these transformations for financial stability and regional planning policy.

Keywords: Regional disparities; Housing lending market; Monetary policy; Territorial reform; Economic geography (search for similar items in EconPapers)
Date: 2025-09-01
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Published in Regional Science Policy and Practice, 2025, 17 (9), pp.100210. ⟨10.1016/j.rspp.2025.100210⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05568167

DOI: 10.1016/j.rspp.2025.100210

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