Growth and Business Cycles
Housing Markets and Intra-euro area Macroeconomic Imbalances: Identifying Policy Instruments
Main
objective of the study is to detect the causes of imbalances on residential
property and housing finance markets in order to define policy instruments that
help preventing the emergence of market imbalances, dampening excess volatility
and reducing imbalances if they have already occurred. The analysis applies a country-specific
perspective since national housing markets and housing finance markets have
very different structures and institutional/regulatory frameworks. Against this
background, first aim of the study is to identify structural features of
housing markets that are prone to produce frequent and substantial deviations
of house prices from their fundamental values. Based on these findings, the
study aims to derive country specific policy instruments that are suitable to
stabilize housing markets. The analysis covers the Euro area countries Germany, Italy, France, Spain,
Greece, Portugal, Netherlands,
Ireland as well as the United Kingdom, Denmark
and Sweden, United States, Japan Australia and Canada.
Duration: 01.12.2010 - 31.12.2011
- European Commission (DG ECFIN), Brüssel, BE
