Araştırma Makalesi
BibTex RIS Kaynak Göster

Housing, Collateral Constraints, and Fiscal Policy

Yıl 2013, Cilt: 2 Sayı: 2, 53 - 81, 01.05.2013

Hamza Polattimur

https://izlik.org/JA67FS82BG

Öz

This paper studies the preferential tax treatment of housing that can be observed in many industrialized countries. It provides a rationale for it by means of an optimal taxation approach, taking into account an important feature of housing, namely its usage as collateral. In a borrower-lender framework, where private loans are assumed to be non-enforceable and have to be collateralized by housing, optimal fiscal policy should disburden constrained borrowers by subsidizing their housing.

Anahtar Kelimeler

Housing collateral constraints optimal fiscal policy

Kaynakça

  • Carey, David and Josette Rabesona, (2003), “Tax Ratios on Labor and Capital Income and on Consumption”, OECD Economic Studies, Vol. 2002/2.
  • Davis, Morris A. and Jonathan Heathcote, (2005), "Housing and the Business Cycle", International Economic Review, 46, pp. 751-784.
  • DiPasquale, Denise and Edward L. Glaeser, (1999), "Incentives and Social Capital: Are Homeowners Better Citizens?", Journal of Urban Economics, 45(2), pp. 354-384.
  • ECB, (2003), "Structural factors in the EU housing markets", Report of the Task Force on Housing of the Monetary Policy Committee.
  • Eerola, Essi and Niku Määttänen, (2009), "The Optimal Tax Treatment of Housing Capital in the Neoclassical Growth Model", Working Papers 3, Government Institute for Economic Research, Finland.
  • Favilukis, Jack, Sydney C. Ludvigson and Stijn Van Nieuwerburgh, (2010), "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium", NBER Working Papers No.15988, National Bureau of Economic Research.
  • Gervais, Martin, (2002), "Housing Taxation and Capital Accumulation", Journal of Monetary Economics, 49, pp. 1461-1489.
  • Green, Richard K. and Michelle J. White, (1997), "Measuring the Benefits of Homeowning: Effects on Children", Journal of Urban Economics, 41(3), pp. 441-461.
  • Hypostat, (2010), "A Review of Europe's Mortgage and Housing Markets", European Mortgage Federation, November, 2010.
  • Iacoviello, Matteo, (2005), "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle", American Economic Review, 95, pp. 739-764.
  • Iacoviello, Matteo, (2009) "Housing in DSGE Models: Findings and New Directions", in the Bank of Finance, ed., Springer-Verlag manuscript.
  • Jacob, Brian A. and Jens Ludwig, (2012), "The Effects of Housing Assistance on Labor Supply: Evidence from a Voucher Lottery", American Economic Review, 102, pp. 272–304.
  • King, Robert G. and Sergio T. Rebelo, (1999), "Resuscitating Real Business Cycles", in John B. Taylor and Michael Woodford, eds., Handbook of Macroeconomics, Vol. 1, Elsevier, pp. 927-1007.
  • Kiyotaki, Nobuhiro and John Moore, (1997), "Credit Cycles", Journal of Political Economy, 105, pp. 211-248. Mendoza, Enrique G., Assaf Razin and Linda L. Tesar., (1994), "Effective Tax Rates in Macroeconomics: Cross-country Estimates of Tax Rates on Factor Incomes and Consumption", Journal of Monetary Economics, 34, pp. 297-323.
  • Monacelli, Tommaso, (2008), "Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints",, in National Bureau of Economic Research, ed., Asset Prices and Monetary Policy, pp. 103-146,
  • Polattimur, Hamza, (2013), "Housing, Collateral Constraints, and Fiscal Policy", Discussion Paper No. 23/13, SFB 823, University of Dortmund.
  • Poterba, James M., (1992), "Taxation and Housing: Old Questions, New Answers", American Economic Review, 82(2), pp. 237-242.
  • Rosen, Harvey S., (1985), "Housing Subsidies: Effects on Housing Decisions, Efficiency, and Equity",, in A. J. Auerbach and M. Feldstein,ed., Handbook of Public Economics, Vol. 1, pp. 375-420.
  • US Budget, (2011), "Analytical Perspectives," Budget of the US Government Fiscal Year 2011, Office of Management and Budget.
  • World Bank, (2012a), "General government final consumption expenditure," Data on World Bank Webpage. Retrieved from http://data.worldbank.org/indicator/NE.CON. GOVT.ZS on December 12.
  • World Bank, (2012b),"Central Government Debt, Total," Data on World Bank Webpage. Retrieved from http://data.worldbank.org/indicator/GC.DOD.TOTL.GD.ZS /countries on December 12.

Housing, Collateral Constraints, and Fiscal Policy

Yıl 2013, Cilt: 2 Sayı: 2, 53 - 81, 01.05.2013

Hamza Polattimur

https://izlik.org/JA67FS82BG

Öz

This paper studies the preferential tax treatment of housing that can be observed in many industrialized countries. It provides a rationale for it by means of an optimal taxation approach, taking into account an important feature of housing, namely its usage as collateral. In a borrower-lender framework, where private loans are assumed to be non-enforceable and have to be collateralized by housing, optimal fiscal policy should disburden constrained borrowers by subsidizing their housing.

Anahtar Kelimeler

Housing collateral constraints optimal fiscal policy

Teşekkür

We are grateful to Andreas Schabert, Christian Bredemeier, Roland Winkler, two anonymous referees, conference participants at the International Conference on economics of the Turkish Economic Association (2012), the Doctoral Meeting of Montpellier (2013), and the Spring Meeting of Young Economists (2013) for helpful comments and suggestions. Financial support by the Collaborative Research Center’s "Statistical Modeling of Nonlinear Dynamic Processes" (SFB 823, project A4) project of the German Research foundation (DFG) is gratefully acknowledged.

Kaynakça

  • Carey, David and Josette Rabesona, (2003), “Tax Ratios on Labor and Capital Income and on Consumption”, OECD Economic Studies, Vol. 2002/2.
  • Davis, Morris A. and Jonathan Heathcote, (2005), "Housing and the Business Cycle", International Economic Review, 46, pp. 751-784.
  • DiPasquale, Denise and Edward L. Glaeser, (1999), "Incentives and Social Capital: Are Homeowners Better Citizens?", Journal of Urban Economics, 45(2), pp. 354-384.
  • ECB, (2003), "Structural factors in the EU housing markets", Report of the Task Force on Housing of the Monetary Policy Committee.
  • Eerola, Essi and Niku Määttänen, (2009), "The Optimal Tax Treatment of Housing Capital in the Neoclassical Growth Model", Working Papers 3, Government Institute for Economic Research, Finland.
  • Favilukis, Jack, Sydney C. Ludvigson and Stijn Van Nieuwerburgh, (2010), "The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium", NBER Working Papers No.15988, National Bureau of Economic Research.
  • Gervais, Martin, (2002), "Housing Taxation and Capital Accumulation", Journal of Monetary Economics, 49, pp. 1461-1489.
  • Green, Richard K. and Michelle J. White, (1997), "Measuring the Benefits of Homeowning: Effects on Children", Journal of Urban Economics, 41(3), pp. 441-461.
  • Hypostat, (2010), "A Review of Europe's Mortgage and Housing Markets", European Mortgage Federation, November, 2010.
  • Iacoviello, Matteo, (2005), "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle", American Economic Review, 95, pp. 739-764.
  • Iacoviello, Matteo, (2009) "Housing in DSGE Models: Findings and New Directions", in the Bank of Finance, ed., Springer-Verlag manuscript.
  • Jacob, Brian A. and Jens Ludwig, (2012), "The Effects of Housing Assistance on Labor Supply: Evidence from a Voucher Lottery", American Economic Review, 102, pp. 272–304.
  • King, Robert G. and Sergio T. Rebelo, (1999), "Resuscitating Real Business Cycles", in John B. Taylor and Michael Woodford, eds., Handbook of Macroeconomics, Vol. 1, Elsevier, pp. 927-1007.
  • Kiyotaki, Nobuhiro and John Moore, (1997), "Credit Cycles", Journal of Political Economy, 105, pp. 211-248. Mendoza, Enrique G., Assaf Razin and Linda L. Tesar., (1994), "Effective Tax Rates in Macroeconomics: Cross-country Estimates of Tax Rates on Factor Incomes and Consumption", Journal of Monetary Economics, 34, pp. 297-323.
  • Monacelli, Tommaso, (2008), "Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints",, in National Bureau of Economic Research, ed., Asset Prices and Monetary Policy, pp. 103-146,
  • Polattimur, Hamza, (2013), "Housing, Collateral Constraints, and Fiscal Policy", Discussion Paper No. 23/13, SFB 823, University of Dortmund.
  • Poterba, James M., (1992), "Taxation and Housing: Old Questions, New Answers", American Economic Review, 82(2), pp. 237-242.
  • Rosen, Harvey S., (1985), "Housing Subsidies: Effects on Housing Decisions, Efficiency, and Equity",, in A. J. Auerbach and M. Feldstein,ed., Handbook of Public Economics, Vol. 1, pp. 375-420.
  • US Budget, (2011), "Analytical Perspectives," Budget of the US Government Fiscal Year 2011, Office of Management and Budget.
  • World Bank, (2012a), "General government final consumption expenditure," Data on World Bank Webpage. Retrieved from http://data.worldbank.org/indicator/NE.CON. GOVT.ZS on December 12.
  • World Bank, (2012b),"Central Government Debt, Total," Data on World Bank Webpage. Retrieved from http://data.worldbank.org/indicator/GC.DOD.TOTL.GD.ZS /countries on December 12.
Toplam 21 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Hamza Polattimur Bu kişi benim

Yayımlanma Tarihi 1 Mayıs 2013
IZ https://izlik.org/JA67FS82BG
Yayımlandığı Sayı Yıl 2013 Cilt: 2 Sayı: 2

Kaynak Göster

APA Polattimur, H. (2013). Housing, Collateral Constraints, and Fiscal Policy. Ekonomi-tek, 2(2), 53-81. https://izlik.org/JA67FS82BG