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The performance of the Italian housing market and its effects on the financial system

Fabio Panetta (), Michele Leonardo Bianchi (), Marcello Bofondi (), Fabrizio Borselli, Guido Bulligan (), Alessandro Buoncompagni (), Mari Cappabianca (), Luisa Carpinelli (), Agostino Chiabrera (), Francesco Columba (), Guido de Blasio (), Alessio d�Ignazio (), Cristina Fabrizi (), Carlo Gola (), Roberto Sabbatini (), Federico Signoretti () and Francesco Zollino ()
Additional contact information
Fabio Panetta: Banca d'Italia
Michele Leonardo Bianchi: Banca d'Italia
Guido Bulligan: Banca d'Italia
Alessandro Buoncompagni: Banca d'Italia
Mari Cappabianca: Banca d'Italia
Luisa Carpinelli: Banca d'Italia
Agostino Chiabrera: Banca d'Italia
Alessio d�Ignazio: Banca d'Italia
Cristina Fabrizi: Banca d'Italia
Francesco Zollino: Banca d'Italia

Authors registered in the RePEc Author Service: Alessio D'Ignazio

No 59, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Developments in the real-estate sector are of crucial importance for the business cycle and financial stability. This study analyses developments in the Italian housing market on the basis of both real and financial variables. Following the sharp contraction of the market during the financial crisis and the more general fall in economic activity, a few signals suggests that the recession in the housing market is easing somewhat. However, the degree of uncertainty remains considerable. In recent months the ratio between the flow of bad debts to total outstanding loans to households and construction firms has reached the highest levels since the beginning of the decade. The paper also investigates three issues of a more structural nature. First, it examines the performance and the regulatory framework of real-estate investment funds in Italy. Second, it analyses the main characteristics of the taxation of residential housing, with reference to ownership, rentals and transactions. Finally, the paper estimates the impact on residential house prices of the growing demand for housing services by immigrants.

Keywords: housing market cycle; transactions; rentals; residential house prices; mortgages; real-estate investment funds; taxation of residential housing (search for similar items in EconPapers)
JEL-codes: E0 G21 H2 L85 R2 R31 (search for similar items in EconPapers)
Date: 2009-12
New Economics Papers: this item is included in nep-mac and nep-ure
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