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Housing Price And Household Debt Interactions In Sweden
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Book Synopsis Housing Price and Household Debt Interactions in Sweden by : Rima Turk
Download or read book Housing Price and Household Debt Interactions in Sweden written by Rima Turk and published by International Monetary Fund. This book was released on 2015-12-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sweden is experiencing double-digit housing price gains alongside rising household debt. A common interpretation is that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of housing collateral is also important for household’s capacity to borrow. This paper examines the interactions between housing prices and household debt using a three-equation model, finding that household borrowing impacts housing prices in the short-run, but the price of housing is the main driver of the secular trend in household debt over the long-run. Both housing prices and household debt are estimated to be moderately above their long-run equilibrium levels, but the adjustment toward equilibrium is not found to be rapid. Whereas low interest rates have contributed to the recent surge in housing prices, growth in incomes and financial assets play a larger role. Policy experiments suggest that a gradual phasing out of mortgage interest deductibility is likely to have a manageable effect on housing prices and household debt.
Book Synopsis Housing Price and Household Debt Interactions in Sweden by : Rima Turk-Ariss
Download or read book Housing Price and Household Debt Interactions in Sweden written by Rima Turk-Ariss and published by . This book was released on 2016 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sweden is experiencing double-digit housing price gains alongside rising household debt. A common interpretation is that mortgage lending boosted by expansionary monetary policy is driving up house prices. But theory suggests the value of housing collateral is also important for household's capacity to borrow. This paper examines the interactions between housing prices and household debt using a three-equation model, finding that household borrowing impacts housing prices in the short-run, but the price of housing is the main driver of the secular trend in household debt over the long-run. Both housing prices and household debt are estimated to be moderately above their long-run equilibrium levels, but the adjustment toward equilibrium is not found to be rapid. Whereas low interest rates have contributed to the recent surge in housing prices, growth in incomes and financial assets play a larger role. Policy experiments suggest that a gradual phasing out of mortgage interest deductibility is likely to have a manageable effect on housing prices and household debt.
Book Synopsis Sweden by : International Monetary Fund
Download or read book Sweden written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-09-16 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: As in other advanced economies, there has been a significant run-up of household debt in Sweden during the last two decades accompanied by rising housing prices, prompting concerns about sustainability and the implications for financial stability. The rise in household debt and the banking system’s increased exposure to mortgage debt resulted with the changes in the macroeconomic environment. The note explores implications for financial stability of household indebtedness as well as Sweden's specific institutional features to ensure resilience of the financial system.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1475554494 Total Pages :63 pages Book Rating :4.4/5 (755 download)
Book Synopsis Sweden by : International Monetary Fund. European Dept.
Download or read book Sweden written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-11-17 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights that Sweden is enjoying strong economic performance, with real GDP growth heading for about 3.4 percent in 2016 on the heels of an expansion of just over 4 percent in 2015. Employment has increased by 1.5 percent so far in 2016, pushing unemployment down to about 7 percent. Growth is expected to moderate to a still solid 2.4 percent in 2017. The fiscal deficit is expected to be small in 2016 even as migration-related government spending has almost doubled to about 1.4 percent of GDP owing to the surge in refugee inflows in 2015.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498346405 Total Pages :74 pages Book Rating :4.4/5 (983 download)
Book Synopsis Increasing Resilience to Large and Volatile Capital Flows by : International Monetary Fund. Asia and Pacific Dept
Download or read book Increasing Resilience to Large and Volatile Capital Flows written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2017-09-13 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden by : Mr.Jiaqian Chen
Download or read book Macroprudential and Monetary Policy Interactions in a DSGE Model for Sweden written by Mr.Jiaqian Chen and published by International Monetary Fund. This book was released on 2016-03-23 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to Sweden. Households face a ceiling on their loan-to-value ratio and must amortize their mortgages. The government grants mortgage interest payment deductions. Lending rates are affected by mortgage risk weights. We find that demand-side macroprudential measures are more effective in curbing household debt ratios than monetary policy, and they are less costly in terms of foregone consumption. A tighter macroprudential stance is also found to be welfare improving, by promoting lower consumption volatility in response to shocks, especially when using a combination of macroprudential instruments.
Book Synopsis Fundamental Drivers of House Prices in Advanced Economies by : Ms.Nan Geng
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-18 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Book Synopsis Understanding Financial Accounts by : OECD
Download or read book Understanding Financial Accounts written by OECD and published by OECD Publishing. This book was released on 2017-11-06 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding Financial Accounts seeks to show how a range of questions on financial developments can be answered with the framework of financial accounts and balance sheets, by providing non-technical explanations illustrated with practical examples.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484322495 Total Pages :34 pages Book Rating :4.4/5 (843 download)
Book Synopsis Sweden by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Sweden written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-10-05 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for Sweden in the areas of the systemic risk oversight framework and management. To promote accountability, the law should clarify the allocation of macroprudential powers between the government and the Finansinspektionen (Financial Supervisory Authority, FI) and grant the FI a clear legal mandate for macroprudential policy, with full operational independence. The Financial Stability Council, or a similar body—excluding the Ministry of Finance—should have the legal authority to issue recommendations, preferably with a “comply or explain” approach. The law should also ensure that the Sveriges Riksbank’s expertise in financial stability analysis finds a clear institutional role in the oversight of systemic risk.
Book Synopsis Proceedings of VIAC in October 2023 by : Group of Authors
Download or read book Proceedings of VIAC in October 2023 written by Group of Authors and published by Czech Institute of Academic Education. This book was released on 2023-10-26 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Academic Conferences: - Management, Economics and Marketing - Teaching, Learning and E-learning - Transport, Logistics, Tourism and Sport Science - Engineering, Robotics, IT and Nanotechnology
Book Synopsis Bricks in the Wall by : Alison Johnston
Download or read book Bricks in the Wall written by Alison Johnston and published by Routledge. This book was released on 2021-03-31 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a comprehensive analysis of how politics shape housing markets and vice-versa. It demonstrates how housing impacts a variety of social and political phenomenon including populist politics, generational divides, wealth inequality, monetary policy, and the welfare state. Housing and housing markets have important implications for economic stability, public policy, domestic politics and wealth inequality in Europe and beyond. Yet despite its importance, housing has received relatively little attention in comparative politics scholarship. The contributions within this volume push the scholarship of housing into fresh, innovative directions. The chapters focus on housing’s contribution to wealth inequality, how housing constrains governments’ policy choices in welfare state reform and how it can strengthen governments’ hands in financial regulation. Other contributions reveal the impact of housing on central bankers’ motivations for implementing monetary expansion, highlight the generational divide in gaining access to home-ownership, demonstrate how housing-driven wealth inequality steers voters political preferences towards right-wing populism, and explain how housing gradually shifted from being a social right to an object of investment in Europe, even within its most egalitarian states. These contributions cover a diversity of cases in Western and Eastern Europe and theoretical paradigms that will appeal to scholars and policy makers alike. The chapters in this book were originally published as a special issue of West European Politics.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484377109 Total Pages :33 pages Book Rating :4.4/5 (843 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 2018-09-17 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper describes wages and competitiveness in Norway. Norway may have to downwardly revise its expectations for wage growth if it is to avoid a significant loss of competitiveness and manage the transition to a less oil-dependent economy. Norway was able to afford very high wage growth in the past (notwithstanding the noted challenges in several sectors) thanks to good fortune in its terms of trade. Going forward, it would be prudent not to count on being fortunate twice: wage moderation would help build resilience in case of less favorable trends in international prices. It would also help facilitate the needed transition out of oil by supporting sectors that did not benefit from past terms of trade gains. Communication from the government can continue to help in managing public expectations. Fiscal policy plays a key role in promoting competitiveness and containing the spending effect of Dutch Disease. After a prolonged expansion of fiscal policy—partly enabled by large valuation gains of the sovereign wealth fund—it is now appropriate to gradually start tightening fiscal policy. The ongoing up-cycle provides an ideal setting to get started on structural consolidation, which will ultimately be needed to face to address aging pressures.
Download or read book Macroeconomic Imbalances written by and published by . This book was released on 2014 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sweden continues to experience macroeconomic imbalances, which require monitoring and policy action. In particular, developments regarding household indebtedness, coupled with inefficiencies in the housing market, continue to warrant attention. Although the large current account surplus does not raise risks similar to large deficits, and is partly linked to the need for deleveraging, the Commission will follow the developments of the current account in Sweden in the context of the European Semester. More specifically, household debt has increased again after a period of stabilisation, as the main contributing factors - low interest rates on mortgages, debt-bias in taxation, slow mortgage amortisation and limited housing supply - remain in place. Various indicators of credit supply and demand conditions do not indicate imminent deleveraging pressures. After stabilising in recent years, house prices increased again in 2013, driven by favourable demand conditions and supply inefficiencies. Moreover, rental market inefficiencies, cumbersome planning procedures and little competition in construction, have also contributed to the house price dynamics. More stable house prices are needed to limit private indebtedness and reduce macroeconomic risks, once debt service costs increase. The recent macroprudential measures are instrumental, but likely not enough, to reduce macroeconomic risks. In particular, strong tax incentives for debt financing are perceived as key drivers of house prices. Higher residential investment would also improve the savings-investment balance. As regards the nonfinancial corporate sector indebtedness the analysis finds that it does not give rise to macroeconomic risks. Moreover, recent reforms in company taxation are likely to further reduce the level of corporate debt by limiting tax minimisation by multinationals.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1484316673 Total Pages :20 pages Book Rating :4.4/5 (843 download)
Book Synopsis IMF Research Bulletin, March 2016 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, March 2016 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2016-04-06 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are “Explaining the Recent Slump in Investment” (Mathieu Bussiere, Laurent Ferrara, and Juliana Milovich) and “The Quest for Stability in the Housing Markets” (Hites Ahir). The Q&A column reviews “Seven Questions on Estimating Monetary Transmission Mechanism in Low-Income Countries” (Bin Grace Li, Christopher Adam, and Andrew Berg). Also included in this issue are updates on the IMF’s official journal, the IMF Economic Review, and recommended readings from IMF Publications.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498343341 Total Pages :38 pages Book Rating :4.4/5 (983 download)
Book Synopsis Cross-Country Report on Spillovers by : International Monetary Fund. European Dept.
Download or read book Cross-Country Report on Spillovers written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-07-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies policies to increase productivity in the East, reduce regional income disparities, and promote overall income convergence. Achieving this objective will require improving educational attainment and reducing skill mismatches in the East, scaling up public infrastructure to attract investment to less productive regions, and facilitating labor mobility. This paper also discusses female labor participation in Poland and the potential impact on bank profitability of the recently implemented bank asset tax. Poland’s population is aging, yet it has an important underused source of qualified labor—its women. For Poland to unleash its full economic potential, it needs to embrace the vital contribution that women can make to its economy.
Book Synopsis House Prices and Indebtedness in Sweden by :
Download or read book House Prices and Indebtedness in Sweden written by and published by . This book was released on 2016 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt in Sweden have grown steeply over the last two decades. This has been driven partly by strong fundamentals but also by the favourable tax treatment of property investment and mortgage borrowing, as well as particular features of the Swedish mortgage market (low amortisation rates and a high share of variable-rate mortgages) that reduce effective debt service costs. The steep rise in household indebtedness creates medium-term risks of a disorderly deleveraging process that could have an adverse impact on the real economy and potentially the banking sector. Accordingly, the Commission (COM(2016) 95 final/2) identified Sweden as experiencing a macroeconomic imbalance deserving monitoring and policy action. In this Economic Brief, we simulate the macroeconomic impact of three potential policy options that could help to address Sweden's house price/mortgage debt dynamic: (i) a tighter mortgage amortisation requirement; (ii) abolishment of mortgage interest tax deductibility; (iii) higher recurrent property taxes. For the latter two measures, the incremental tax revenues from these policies are allocated to reducing labour taxation, so that the measures are ex ante budget-neutral. While specific quantitative outcomes of macroeconomic simulations should be interpreted with care, our analysis suggests that a more ambitious mortgage amortisation requirement could significantly reduce household indebtedness, with no meaningful adverse impact on growth, jobs, or long-run housing investment, and that the two tax-related policy options could also help to reduce indebtedness while raising output, consumption and employment. All three policy scenarios have the (desirable) effect of weighing somewhat on long-run house price growth, without causing a ‘hard landing’ or an excessive reduction in long-run housing investment.
Download or read book Nordic Heat Wave written by and published by . This book was released on 2017 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: Notwithstanding comparable macroeconomic and financial conditions, institutional settings and housing policy frameworks, Denmark{u2019}s and Sweden{u2019}s house price dynamics have differed markedly during the past decade. This note analyses recent housing market developments in these countries, explains the policy responses given by the authorities and provides policy conclusions. While there is a potential and growing overvaluation of house prices in Sweden accompanied by strong rise in household indebtedness and growing share of vulnerable mortgage loans; house prices in Denmark have been growing more in line with their fundamentals, accompanied by gradual deleveraging of households and a declining share of vulnerable mortgage loans. Related policy challenges appear to be more pressing for Sweden, but policy gaps exist in both countries with respect to mitigating the risk from excessive house price movements. Most importantly, both countries would benefit from the reduction of the high tax incentives for building up housing debt, from further measures to ease restrictions on the housing supply side and the revision of the property tax system in Sweden. Regional house price divergences need to be closely monitored particularly in Denmark. The large share of vulnerable mortgage loans, id est variable, interest-only (non-amortised) mortgage loans, particularly if combined with high debt-to-income levels poses a risk by making a significant proportion of households in both countries vulnerable to unexpected changes of macroeconomic conditions.
