Housing, Collateral Constraints, and Fiscal Policy

Hamza Polattimur

Ekonomi-tek - International Economics Journal, 2013, vol. 2, issue 2, 53-82

Abstract: This paper studies the preferential tax treatment of housing that can be ob- served in many industrialized countries. It provides a rationale for it by means of an optimal taxation approach, taking into account an important feature of housing, namely its usage as collateral. In a borrower-lender framework, where private loans are assumed to be non-enforceable and have to be collat- eralized by housing, optimal fiscal policy should disburden constrained bor- rowers by subsidizing their housing.

Keywords: Housing; collateral constraints; optimal fiscal policy (search for similar items in EconPapers)
JEL-codes: E44 H21 R21 (search for similar items in EconPapers)
Date: 2013
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