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Housing finance in the euro area

Petra Köhler-Ulbrich, Ioannis Asimakopoulos (), Nicola Doyle, Ruth Magono, Marie-Denise Zachary, Zoltan Walko, Elmar Stoess, Christoffer Kok (), Karin Wagner, Nico Valckx, Jorge Martínez Pagés, Francesco Drudi, Vesna Lukovic, Marco Protopapa, Laure Lalouette, Vasilis Georgakopoulos, Daniel Gabrielli, Laura Bartiloro (), Gavin Doheny, Paolo Emilio Mistrulli (), Maria Kasselaki (), Ramón Gómez-Salvador, Guido Wolswijk, Nuno Ribeiro, Harri Hasko, Gerbert Hebbink, Wendy Zammit, Romain Weber, Christiana Argyridou, Silvia Magri () and Jiri Slacalek ()

No 101, Occasional Paper Series from European Central Bank

Abstract: This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of loans for house purchase, the funding of such loans and the spreads between the interest rates on loans granted by banks and the interest rates banks had to pay on their funding, or the return they made on alternative investments. In addition, the report contains a comparison of key aspects of housing finance in the euro area with those in the United Kingdom and the United States. At the end, the report briefly discusses aspects of the transmission of monetary policy to the economy. JEL Classification: D14, E44, E5, G21, R21

Keywords: bank competition; bank funding; bankruptcy; banks; cost of funding (of banks); cost of housing loans; debt service; ECB monetary policy; foreclosure; household debt; household survey; housing finance; insolvency; loan-to-value ratio; loan maturity; monetary policy transmission; mortgage; mortgage covered bond; mortgage equity withdrawal; mortgage interest rate spread; redemption scheme; rental market; retail deposits; securitisation; taxation; US housing market crisis (search for similar items in EconPapers)
Date: 2009-03
Note: 2110208
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Handle: RePEc:ecb:ecbops:2009101