The stability of the German housing market

Journal of Housing and the Built Environment

Volumn 29, Issue 4, 2014, Pages 583-594

  Voigtländer, Michael ^a,b  

^a Inst der deutschen Wirtschaft Koeln   (Germany)

^b Bonn Rhine Sieg University of Applied Sciences   (Germany)

Author keywords

German housing market; Housing finance; Rental market; Transmission of monetary policy

Indexed keywords

EID: 84919339499     PISSN: 15664910     EISSN: 15737772     Source Type: Journal    
DOI: 10.1007/s10901-013-9366-1     Document Type: Article

References (47)

1. Akerlof, G. A., & Shiller, R. J. (2009). Animal spirits. How human psychology drives the economy, and why it matters for global capitalism. Princeton: Princeton University Press.
2. Andrews, D., Sanchez, A. C., & Johansson, A. (2011). Housing markets and structural policies in OECD countries, OECD Working Paper No. 836.
3. Behring, K., & Helbrecht, I. (2002). Wohneigentum in Europa. Ursachen und Rahmenbedingungen unterschiedlicher Wohneigentumsquoten im Vergleich. Bremen: Gutachten, ifo Institut.
4. Bernanke, B., & Gertler, M. (2000). Monetary policy and asset price volatility. National Bureau of Economic Research, Working Paper No. 7559, Cambridge, MA.
5. Bjørnland, H. C., & Jacobsen, D. H. (2010). The role of house prices in the monetary policy transmission mechanism in small open economies. Journal of financial stability,6(4), 218–229.
6. Carstensen, K., Hülsewig, O., & Wollmershäuser, T. (2009). Monetary policy transmission and house prices. European cross-country evidence. CESifo Working Paper Series No. 2750, Munich.
7. Catte, P., Girouard, N., Price, R., & André, C. (2004a). Housing markets, wealth and the business cycle. Economics department working papers/organisation for economic co-operation and development (vol. 394). Paris: OECD.
8. Catte, P., Girouard, N., Price, R., & André, C. (2004b). The contribution of housing markets to cyclical resilience. OECD Journal: Economic Studies,1, 125–156.
9. Charles, P. (2011). Little impetus to growth in mortgage market. London: Council of Mortgage Lenders.
10. Chiuri, M. C., & Jappelli, T. (2003). Financial market imperfections and home ownership. A comparative study. European Economic Review,47(5), 857–875.
11. Coleman, D. (1988). Rent control: The British experience and policy response. Journal of Real Estate Finance & Economics,1(3), 233–255.
12. Crimmann, W., & Rüchardt, K. (2009). Mortgage lending value. Berlin: Verband Deutscher Pfandbriefbanken.
13. Demary, M. (2010). The interplay between output, inflation, interest rates and house prices: International evidence. Journal of Property Research,27(1), 1–18.
14. Elsinga, M., De Decker, P., Teller, N., & Toussaint, J. (2007). Home ownership beyond asset and security. Perceptions of housing related security and insecurity in eight European countries: Housing and urban policy studies 32, Delft.
15. European Mortgage Federation. (2012). Hypostat 2011. Brussels.
16. European System of Central Banks. (2009). Housing finance in the euro area. Occasional paper series/European Central Bank (vol. 101). Frankfurt am Main.
17. Evans, A. W., & Hartwich, O. M. (2005). Bigger better, faster more. Why some countries plan better than others. London: Policy Exchange.
18. Friedman, M. (1957) A theory of the consumption function. National Bureau of economic research general series (vol. 63). Princeton, NJ: Princeton Univ. Press.
19. Giuliodori, M. (2005). The role of house prices in the monetary transmission mechanism across European countries. Scottish journal of political economy,52(4), 519–543.
20. Himmelberg, C., Mayer, C., & Sinai, T. (2005) Assessing house prices: Bubbles, fundamentals, and misperceptions, NBER Working Paper No. 11643.
21. Hofer, T. (2012). Strukturen der Eigenheimfinanzierung 2012. Berlin: Verband deutscher Pfandbriefbanken.
22. Iacoviello, M. (2005). House prices, borrowing constraints, and monetary policy in the business cycle. American Economic Review,95(3), 739–764.
23. Jäger, M., & Voigtländer, M. (2006). Immobilienfinanzierung. Hypothekenmärkte und ihre gesamtwirtschaftliche Bedeutung. IW-analyse No. 22, Cologne.
24. Jarsulic, M. (2010). Anatomy of a financial crisis. A real estate bubble, runaway credit markets, and regulatory failure (1st ed.). New York, NY: Palgrave Macmillan.
25. Just, T. (2010). German residential property: Back in fashion—with good reason? Deutsche Bank Research, Current Issues 491, Frankfurt.
26. Kasparova, D., & White, M. (2010). The responsiveness of house prices to macroeconomic forces: A cross-country comparison. European Journal of Housing Policy,1(3), 385–416.
27. Kemp, P. A., & Kofner, S. (2010). Contrasting varieties of private renting: England and Germany. International Journal of Housing Policy,10(4), 379–398.
28. London Economics. (2005). The costs and benefits of integration of EU mortgage markets. London.
29. Macdonald, R. (2012). Genesis of the financial crisis. Basingstoke, Hampshire: Palgrave Macmillan.
30. Miles, D. (1994). Housing, financial markets and the wider economy. Chichester [England], New York: J. Wiley.
31. Mishkin, F. S. (2007). Housing and the monetary transmission mechanism. National Bureau of Economic Research, Working Paper No. 13518, Cambridge, Mass.
32. Muellbauer, J. N. J. (1992). Anglo-German differences in housing market dynamics. The role of institutions and macro economic policy. European economic review,6(2), 133–149.
33. Mühleisen, M. (2003). United States. Selected issues. Washington, DC: International Monetary Fund.
34. Pfeiffer, U., & Braun, R. (2004). Mieter oder Eigentümer—Wer wird stärker gefordert? Eine Analyse zum Subventionsabbau zum Jahresbeginn 2004, Endbericht. Berlin: Empirica.
35. Pfeiffer, U., & Braun, R. (2006). Eigenheimförderung in Europa. Was Deutschland von anderen Ländern lernen kann. Köln: Deutsches Institut für Altersvorsorge.
36. Reifner, U., Clerc-Renaud, S., Perez-Carillo, E., & Tiffe, A. (2010). Equity release schemes in the European Union. Norderstedt: Books on Demand.
37. Reinold, K. (2011). Housing equity withdrawal since the financial crisis. Bank of England Quarterly bulletin,51(2), 127–133.
38. Ronald, R. (2008). The ideology of home ownership. Homeowner societies and the role of housing. Hampshire, New York: Palgrave Macmillan.
39. Saunders, P. (1990). A Nation of home owners. London: Unwin Hyman.
40. Schnure, C. (2005). Boom-bust cycles in housing. The changing role of financial structure. International Monetary Fund Working Paper 05/200. Washington, DC.
41. Shiller, R. J. (2008). The subprime solution. How today’s global financial crisis happened, and what to do about it. Princeton, NJ: Princeton Univ. Press.
42. Tsatsaronis. K., & Zhu, H. (2004). What drives housing price dynamics: Cross-country evidence. BIS Quarterly Review, pp. 65–78.
43. van den Noord, P. (2005). Tax incentives and house price volatility in the Euro area. Theory and evidence. International Economics,1, 29–45.
44. Verband Deutscher Pfandbriefbanken. (2011). Pfandbriefgesetz(PfandBG) (1st ed.). Berlin.
45. Voigtländer, M. (2009). Why is the German home ownership rate so low? Housing Studies,24(3), 355–372.
46. Voigtländer, M. (2010). A European internal market for housing finance. Berlin: Domus Verlag.- und Servicegesellschaft.
47. Zander, C., & Faller, B. (2006). Internationaler Vergleich von Kosten und Dienstleistungseffizienz bei der Transaktion von Wohneigentum. Optionen für Deutschland. Bonn: Selbstverlag des Bundesamtes für Bauwesen und Raumordnung (BBR).