 The effect of macroprudential policies on homeownership: Evidence from SwitzerlandElio Bolliger, Adrian Bruhin, Andreas Fuster and Maja Ganarin Journal of Urban Economics, 2025, vol. 146, issue C Abstract: This paper studies how the introduction of macroprudential policies in the Swiss residential mortgage market affected the propensity of households to become homeowners. We exploit a unique administrative data set of individual tax records containing detailed financial and socio-demographic information. We show that the mean share of renter households transitioning into homeownership decreased from 3.4% per year in the five years prior to the introduction of macroprudential policies to 3.0% per year in the five years afterward. This decrease is more pronounced for young and middle-aged households with relatively low income and wealth, suggesting that it is at least partly due to a tightening in borrowing constraints. Moreover, intergenerational transfers in the form of predeath bequests have become more important for homebuying both at the extensive and intensive margin. Keywords: Homeownership; Macroprudential Policy; Borrowing Constraints; Intrafamily Transfers; Wealth Inequality (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:juecon:v:146:y:2025:i:c:s0094119025000142 DOI: 10.1016/j.jue.2025.103749 Access Statistics for this article Journal of Urban Economics is currently edited by S.S. Rosenthal and W.C. Strange More articles in Journal of Urban Economics from Elsevier |
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