Empirical links between housing markets and economic resilience

Boris Cournède ; Sahra Sakha ; Volker Ziemann

Organisation for Economic Co-operation and Development

关键词: land use policy;    housing;    resilience;    taxation;    macroprudential policy;    rent regulation;   

DOI  :  https://doi.org/10.1787/aa029083-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

Housing markets, which are large and subject to sharp swings, shape to a great extent countries’ exposure to economic crises and their capacity to recover from them. This paper analyses the transmission of housing-related shocks to the real economy: it investigates the role that policy plays in (a) mitigating or amplifying shocks and (b) facilitating or hampering a recovery. It considers macroprudential measures, rental regulation, taxation and land use restrictions. The aim is to investigate, which housing policy-related reforms can foster greater economic resilience. Among other results, it finds that a tighter macroprudential stance is generally linked to a lower likelihood of economic crisis and that higher effective rates of housing taxation are associated with smoother housing cycles.