The stability of the German housing market
The stability of the German housing market
复制标题
德国房地产市场的稳定性
DOI：
10.1007/s10901-013-9366-1
复制
发表时间：
2014
影响因子：
1.9
通讯作者：
Michael Voigtländer
中科院分区：
文献类型：
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作者：
Michael Voigtländer
摘要过去十年的特点是房地产市场的过度繁荣和萧条周期。然而，并非所有国家的房价都经历了高度波动。事实上，德国在整个时期内保持了稳定的价格水平，未能对任何宏观经济冲击做出反应，这是独一无二的。这种稳定性的主要原因可以在真实的房地产金融和复杂的租赁市场的存在中找到。在其他国家，货币刺激通过住房市场有效地传导到真实的经济，而德国坚持审慎贷款，使住房市场与金融市场扭曲隔离开来。通过要求高存款，通过使贷款与抵押贷款价值而不是市场价值挂钩，以及通过主要提供固定利率抵押贷款，银行降低了违约风险，从而有助于市场稳定。这一制度的演变不是法规的结果，而是一个成熟的租赁市场的结果，它使家庭能够为购房节省自己的资金。这反过来又解释了固定利率抵押贷款的偏好。
AbstractThe last decade has been marked by cycles of excessive boom and bust in the housing market. However, not all countries have experienced high volatility in their house prices. Indeed, Germany has been unique in retaining flat price levels over the whole period and failing to respond to any of the macroeconomic shocks. The main reason for this stability can be found in real estate finance and in the existence of a sophisticated rental market. While in other countries monetary stimuli are effectively transmitted to the real economy via the housing market, the German insistence on prudential lending isolates the housing market from financial market distortions. By demanding high deposits, by aligning lending to the mortgage lending value instead of the market value and by offering predominantly fixed-rate mortgages, banks reduce the risk of defaults and thus contribute to stability in the market. This system has evolved as a result not of regulations but of a sophisticated rental market, which enables households to save their own funds for house purchases. This, in turn, explains the preference for fixed-rate mortgages.