Housing, debt and the economy: a tale of two countries
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 tight...
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| Format: | Working paper |
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University of Oxford
2018
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| _version_ | 1797077307221868544 |
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| author | Muellbauer, J |
| author_facet | Muellbauer, J |
| author_sort | Muellbauer, J |
| collection | OXFORD |
| description | 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. |
| first_indexed | 2024-03-07T00:16:05Z |
| format | Working paper |
| id | oxford-uuid:7ae210d9-772b-45f5-8fe4-1a592c6ff48e |
| institution | University of Oxford |
| last_indexed | 2024-03-07T00:16:05Z |
| publishDate | 2018 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:7ae210d9-772b-45f5-8fe4-1a592c6ff48e2022-03-26T20:46:56ZHousing, debt and the economy: a tale of two countriesWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:7ae210d9-772b-45f5-8fe4-1a592c6ff48eBulk import via SwordSymplectic ElementsUniversity of Oxford2018Muellbauer, JIn 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. |
| spellingShingle | Muellbauer, J Housing, debt and the economy: a tale of two countries |
| title | Housing, debt and the economy: a tale of two countries |
| title_full | Housing, debt and the economy: a tale of two countries |
| title_fullStr | Housing, debt and the economy: a tale of two countries |
| title_full_unstemmed | Housing, debt and the economy: a tale of two countries |
| title_short | Housing, debt and the economy: a tale of two countries |
| title_sort | housing debt and the economy a tale of two countries |
| work_keys_str_mv | AT muellbauerj housingdebtandtheeconomyataleoftwocountries |