Housing, debt and the economy: a tale of two countries
| Autor: | John Muellbauer |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Labour economics
Inequality business.industry media_common.quotation_subject 05 social sciences language.human_language Financial instability German Renting Debt Local government 0502 economics and business language Economics Christian ministry 050207 economics Volatility (finance) business General Economics Econometrics and Finance 050205 econometrics media_common |
| Popis: | In housing affordability levels and volatility, there could hardly be a greater contrast than between the UK and Germany. Differences in history, institutions and policies are explored in this paper. Residential housing supply has been far more expansionary in Germany and mortgage credit more tightly regulated. A sensibly regulated rental market and stable German house prices have combined to leave the rental sector with over half of tenures. Policy failures in the UK have resulted in widening intergenerational inequality, increased social exclusion, adversely affected productivity and growth and raised the risk of financial instability. Policy lessons are drawn for the UK, which go far beyond the remit of the immediately responsible Ministry of Housing, Communities and Local Government. |
| Databáze: | OpenAIRE |
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