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Finlands High House Prices And Household Debt
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Book Synopsis Finland's High House Prices and Household Debt by :
Download or read book Finland's High House Prices and Household Debt written by and published by . This book was released on 2013 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finnish house prices have been on the rise for almost two decades, leading to a cumulative inflation-adjusted growth of 84% from the 1993 trough. The upturn has led to a progressive increase in valuation ratios that measure house prices against disposable income and rentals, although this has been more moderate compared to other Nordic countries. Rising house prices were mirrored by the increase in household debt, starting at relatively low levels and currently at the euro-area level. Overvaluation of the housing market, if it leads to a sharp adjustment, could represent a risk for financial stability and for the overall economy. Our analysis suggests, however, that the housing market has merely been responsive to structural changes in underlying supply and demand factors. The decreasing affordability and rising price-to-rental ratios were mostly driven by changes in financing costs, demographic developments, as well as by limitations to land supply and moderate construction activity. Although the level of Finnish household debt is a concern, especially given its rapid increase during the 2000s, risks appear relatively moderate at present. Even with substantial spikes in interest rates and unemployment, the deterioration in the quality of bank loan portfolios should be contained. Notwithstanding the moderate current risks, continued phasing-out of incentives encouraging debt-financed house purchases could help to avoid an unsustainable build-up in household indebtedness and to mitigate risks for future overheating of the housing market. -- EU Bookshop.
Book Synopsis Household Debt and Borrower-Based Measures in Finland: Insights from a Heterogeneous Agent Model by : Fumitaka Nakamura
Download or read book Household Debt and Borrower-Based Measures in Finland: Insights from a Heterogeneous Agent Model written by Fumitaka Nakamura and published by International Monetary Fund. This book was released on 2023-12-15 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effects of borrower-based macroprudential tools in Finland. To evaluate the efficiency of the tools, we construct a heterogeneous agent model in which households endogenously determine their housing size and liquid asset levels under two types of borrowing constraints: (i) a loan-to-value (LTV) limit and (ii) a debt-to-income (DTI) limit. When an unexpected negative income shock hits the economy, we find that a larger and more persistent drop in consumption is observed under the LTV limit compared to the DTI limit. Our results indicate that although DTI caps tend to be unpopular with lower income households because they limit the amount they can borrow, DTI caps are beneficial even on distributional grounds in stabilizing consumption. Specifically, DTI caps mitigate the consumption decline in recessions by restricting high leverage, and thus, they can usefully complement LTV caps.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484332490 Total Pages :72 pages Book Rating :4.4/5 (843 download)
Book Synopsis Finland by : International Monetary Fund. European Dept.
Download or read book Finland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-12-13 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Finland’s economic growth has picked up considerably, broadening to exports and equipment investment, and the current account is back to surplus. The economic recovery is expected to remain strong in the near term, but potential growth is constrained by labor market rigidities and aging. The IMF projects growth of 2.8 percent in 2017 and 2.3 percent in 2018. Better-than-expected fiscal outcomes in 2016 are projected to continue in 2017, but the public finances face long-term challenges from a declining working age population and escalating age-related spending. Avoiding a procyclical fiscal stance would help rebuild buffers over the medium term.
Book Synopsis Finland by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Finland written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-03-13 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of fiscal transparency evaluation for Finland. It highlights that Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. It is also highlighted that fiscal reporting in Finland is transparent and meets good or advanced practice in all areas.
Book Synopsis House Prices, Household Saving and Financial Market Liberalization in Finland by : Erkki Koskela
Download or read book House Prices, Household Saving and Financial Market Liberalization in Finland written by Erkki Koskela and published by . This book was released on 1991 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475564929 Total Pages :85 pages Book Rating :4.4/5 (755 download)
Book Synopsis Finland by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Finland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-01-11 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the results of stress testing of Finland’s banking system. Despite high capitalization levels, there are important vulnerabilities in the Finnish banking system. Near-term risks are largely tilted to the downside, stemming from both external and domestic sources. A sharper-than-expected global growth slowdown would be a drag on Finland’s export and GDP growth. Although so far high compared with the rest of the euro area banks, Finnish banks’ profitability is facing challenges from the low interest rate environment and the low economic growth. Vulnerabilities include funding risks, contagion risks, and challenges related to long-term profitability.
Book Synopsis Finland by : International Monetary Fund
Download or read book Finland written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-08-31 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues and Analytical Note on Finland discusses the potential spillovers to Finland from various shocks associated with cross-country interlinkages. The note provides an overview of the trade and financial linkages, assesses the impact of global fiscal consolidation on Finland via trade links, quantifies dynamic contributions from external sources to growth, and uses these contributions to forecast the potential loss to Finnish GDP from a growth slowdown in other European countries; and analyzes the potential impact from the banking sector or sovereign stress.
Download or read book Finland written by International Monetary and published by International Monetary Fund. This book was released on 2023-01-23 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy recovered swiftly from the pandemic, but Russia’s war in Ukraine has worsened the outlook given Finland’s exposures to the fallout through trade and increase in energy prices, while high inflation and rising interest rates are weighing on household purchasing power. Long-standing structural challenges—from adverse demographics and low productivity growth—remain. Tighter financial conditions will test the resilience of Finland’s large financial system: banks are well-capitalized, but vulnerable to liquidity shocks and exposed to credit risks from other Nordics and high household debt.
Book Synopsis Nordic Economic Policy Review 2020: Financial regulation and macroeconomic stability in the Nordics by : Calmfors, Lars
Download or read book Nordic Economic Policy Review 2020: Financial regulation and macroeconomic stability in the Nordics written by Calmfors, Lars and published by Nordic Council of Ministers. This book was released on 2020-06-15 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: How well designed are the financial regulations that have been imposed after the global financial crisis in 2008–09 and the subsequent euro crisis? Will the new bail-in rules work in a systemic crisis, or do we risk further costly bail-outs by governments? How does monetary policy influence household debt? Have macroprudential tools been well-calibrated? Answers to these questions are crucial for judging the risks that the current corona crisis might also trigger a new financial crisis. The 2020 issue of the Nordic Economic Policy Review consists of six papers, including an introduction by editors Lars Calmfors and Peter Englund.
Book Synopsis Milestones in European Housing Finance by : Jens Lunde
Download or read book Milestones in European Housing Finance written by Jens Lunde and published by John Wiley & Sons. This book was released on 2016-02-16 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides evidence on how housing finance markets developed across Europe. The objective of the text is to bring together up to date material from across Europe which will help to clarify (i) how national housing finance markets have dealt with the challenges of deregulation and privatisation since the 1980s,(ii) how the financial crisis has impacted on the structure of the industry and the range of financial instruments available, (iii) how governments and the EU have responded to increasing risks and higher indebtedness in most West European countries and the need to grow new finance markets in Eastern Europe, and (iv) how changing housing finance markets impact on the capacity to provide adequate affordable housing into the future.
Book Synopsis Nordic Economic Policy Review 2021: Nordic Housing Markets and Policies by : Anundsen, André Kallåk
Download or read book Nordic Economic Policy Review 2021: Nordic Housing Markets and Policies written by Anundsen, André Kallåk and published by Nordic Council of Ministers. This book was released on 2021-05-04 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online: https://pub.norden.org/nord2021-022/ This issue of Nordic Economic Policy Review is devoted to Nordic housing markets and housing policies. Nordic housing markets face more or less the same problems and challenges, but the way policies and regulations deal with them differs in many respects. A comparison of policies, regulations and results across countries yields valuable lessons for policymakers. The work has been led and edited by Professor emeritus Harry Flam and Professor emeritus Peter Englund.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484373537 Total Pages :48 pages Book Rating :4.4/5 (843 download)
Book Synopsis Nordic Regional Report by : International Monetary Fund. European Dept.
Download or read book Nordic Regional Report written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-09-05 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines 2013 Cluster Consultation—a Nordic Regional IMF staff report. Denmark, Finland, Norway, and Sweden that form the Nordic region share a set of strong economic and social institutions and policies, with emphasis on education, high income equality, high employment, innovative and competitive business environment, etc. The IMF report suggests that strong national financial sector policies and regional cooperation would help mitigate common challenges and shared risks. Cooperative regional policies, such as introducing binding macroprudential minima and clear ex ante burden-sharing arrangements are expected to help limit the costs from any large bank failures.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498319211 Total Pages :73 pages Book Rating :4.4/5 (983 download)
Book Synopsis Norway by : International Monetary Fund. European Dept.
Download or read book Norway written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-06-12 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: While many advanced economies are experiencing slower growth, Norway’s output has continued to expand strongly, helped by a robust labor market, positive terms of trade, and some competitiveness gains. Core inflation has picked up to close to 21⁄4 percent. Residential house price growth has softened significantly but prices remain overvalued, and household debt continues to rise. Commercial real estate risks are also intensifying and combine with mounting external risks to cloud the outlook. The Christian Democrats have recently joined Prime Minister Solberg’s governing coalition, which now enjoys a majority in parliament.
Book Synopsis OECD Economic Surveys: Finland 2003 by : OECD
Download or read book OECD Economic Surveys: Finland 2003 written by OECD and published by OECD Publishing. This book was released on 2003-02-04 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2003 edition of OECD's periodic review of Finland's economy examines recent economic developments, policies and prospects and includes special features on the effectiveness of public spending; ageing, pension reform and long-term public finances; and policies to boost potential output growth.
Book Synopsis OECD Economic Outlook, Volume 2017 Issue 2 by : OECD
Download or read book OECD Economic Outlook, Volume 2017 Issue 2 written by OECD and published by OECD Publishing. This book was released on 2017-12-19 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Author :Great Britain: Parliament: House of Commons: European Scrutiny Committee Publisher :The Stationery Office ISBN 13 :9780215052414 Total Pages :116 pages Book Rating :4.0/5 (524 download)
Book Synopsis Twenty-sixth Report of Session 2012-13 by : Great Britain: Parliament: House of Commons: European Scrutiny Committee
Download or read book Twenty-sixth Report of Session 2012-13 written by Great Britain: Parliament: House of Commons: European Scrutiny Committee and published by The Stationery Office. This book was released on 2013-01-21 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis OECD Economic Surveys: Finland 2020 by : OECD
Download or read book OECD Economic Surveys: Finland 2020 written by OECD and published by OECD Publishing. This book was released on 2020-12-10 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has plunged Finland into a deep recession, albeit less severe than in most other OECD countries. Finland managed to bring the first wave of the coronavirus under control quickly through a combination of voluntary mobility reductions and timely containment measures and is on track to do the same for the second wave. Nevertheless, many people have been laid off and the budgetary costs of supporting household- and business incomes have been considerable.
