The effect of mortgage interest deduction and mortgage characteristics on house prices

被引：20
|
作者：
Damen, Sven [1 ]
Vastmans, Frank [1 ]
Buyst, Erik [1 ]
机构：
[1] Katholieke Univ Leuven, Dept Econ, Naamsestr 69, B-3000 Leuven, Belgium
来源：
JOURNAL OF HOUSING ECONOMICS | 2016年 / 34卷
关键词：
House prices; Price-to-income ratio; House price fundamentals; Cointegration; LONG-RUN RELATIONSHIP; RESIDUAL-BASED TESTS; UNIT-ROOT; PANEL COINTEGRATION; ERROR-CORRECTION; REGIME SHIFTS; INCOME; CREDIT; MARKET; MODEL;
D O I：
10.1016/j.jhe.2016.06.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In many countries, house prices are overvalued according to price-to-income ratios. We propose that the borrower's ability to pay (ATP) through a mortgage is a long-run house price fundamental and find convincing evidence by means of cointegration tests, granger causality, and an elasticity of house prices with respect to ATP close to one. ATP incorporates the effect of a decreasing trend in interest rates, changes in mortgage interest deduction and mortgage characteristics. We apply the model to the United States of America, United Kingdom, Belgium, the Netherlands, Sweden, Norway, Finland and Denmark. The results provide an intuitive alternative to standard house price models. (C) 2016 Elsevier Inc. All rights reserved.
引用
收藏
页码：15 / 29
页数：15
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