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The housing market: the impact of macroprudential measures in France

dc.contributor.authorLabonne, Claire
dc.contributor.authorLecat, Rémy
dc.contributor.authorAvouyi-Dovi, Sanvi
dc.date.accessioned2014-05-12T08:49:06Z
dc.date.available2014-05-12T08:49:06Z
dc.date.issued2014-04
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/13289
dc.language.isoenen
dc.subjectMortgage loansen
dc.subjectHousingen
dc.subjectCost and standard of livingen
dc.subjectReal estate businessen
dc.subject.ddc339en
dc.subject.classificationjelE64en
dc.subject.classificationjelE63en
dc.subject.classificationjelE01en
dc.subject.classificationjelD91en
dc.subject.classificationjelD31en
dc.titleThe housing market: the impact of macroprudential measures in Franceen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe housing market is a central macroprudential policy concern in France due to the significant proportion of residential property loans in bank balance sheets and the high weight of housing in household wealth. The surge in house prices at the start of the 2000s means we cannot rule out the risk of a bubble or a sharp downward correction, even though prices currently seem to be stabilising. However, if the evolution of house prices does start to pose a threat to financial stability, French authorities have access to a number of macroprudential tools that can be used to modify trends in factors such as the provision of housing loans. Using a model, this article attempts to examine the impact of measures which directly or indirectly influence loan interest rates and maturities, or the size of repayments in relation to household income. The empirical results show that these measures have a significant impact on trends in home lending, but a more limited impact on house prices due to the way variations in lending affect housing supply.en
dc.relation.isversionofjnlnameFinancial stability review
dc.relation.isversionofjnlissue18en
dc.relation.isversionofjnldate2014-04
dc.relation.isversionofjnlpages195-206en
dc.relation.isversionofjnlpublisherBanque de Franceen
dc.subject.ddclabelMacroéconomieen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


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