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Housing Markets and Structural Policies in OECD Countries

Dan Andrews, Aida Caldera and Åsa Johansson
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Åsa Johansson: OECD

No 836, OECD Economics Department Working Papers from OECD Publishing

Abstract: This paper compares a number of housing policies such as housing taxation, land use and rental regulations and social housing policies for OECD countries relying on new data. Based on a range of econometric analyses, it also investigates whether these housing-related policies achieve their objectives in an efficient and equitable way and whether there are any side effects on other aspects of housing markets or on the wider economy. One main finding is that badly-designed policies can have substantial negative effects on the economy, for instance by increasing the level and volatility of real house prices and preventing people from moving easily to follow employment opportunities. The paper makes some recommendations for the design of efficient and equitable housing policies that can improve the functioning of housing markets and contribute to macroeconomic stability and growth. Les marchés du logement et les politiques structurelles dans les pays de l'OCDE Cet article compare un certain nombre de politiques du logement tels que la fiscalite du logement, les regles d.urbanisme et les reglementations du marche locatif, ou de politiques de logement social pour les pays de l'OCDE en s'appuyant sur des donnees comparatives. Il examine egalement si ces politiques liees au logement attendent leurs objectifs de maniere efficace et equitable et s'il y a des effets secondaires de ces politiques sur d'autres aspects des marches du logement ou sur l'economie en general. Une conclusion principale est que les politiques mal concues peuvent avoir des effets negatifs importantes sur l'economie, par exemple en augmentant le niveau et la volatilite des prix reels des logements et en empechant les gens de se deplacer facilement pour acceder a l'emploi. Le document formule quelques recommandations pour la conception des politiques du logement efficaces et equitables qui peuvent ameliorer le fonctionnement des marches du logement et de contribuer a la stabilite macroeconomique et la croissance.

Keywords: house prices; housing market; impôt foncier; land-use and rental regulations; marché des logements; marchés hypothécaires; mobilité résidentielle; mortgage markets; prix de l'immobilier d'habitation; property tax; residential mobility; règles d'urbanisme et réglementations du marché locatif; volatility; volatilité (search for similar items in EconPapers)
JEL-codes: G21 H20 H24 R21 R23 R31 R38 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ure
Date: 2011-01-25
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