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Fiscal Aspects of Housing in Europe

Guido Wolswijk ()

Chapter 8 in Housing Market Challenges in Europe and the United States, 2009, pp 158-177 from Palgrave Macmillan

Abstract: Abstract A large degree of volatility in housing markets and in mortgage markets may have disruptive effects on the economy. Large negative shocks on these markets may, for instance, adversely affect the economy and pri-vate consumption in particular via the wealth effect and via less mortgage equity withdrawal, but negative effects on housing investment may also arise.2 Disruptions in the housing sector can be quite severe as a result of the lagged responses in the supply of houses and because of households’ adaptive formation of expectations, extrapolating recent house price increases (and related capital gains) to the future. Large adverse shocks can also impair financial stability.3

Keywords: House Price; Housing Market; Euro Area; Capital Gain; Mortgage Loan (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24698-0_8

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DOI: 10.1057/9780230246980_8

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