Fiscal interventions as housing-related macroprudential tools: a comprehensive analysis.
This article investigates the efficacy of raising tax rates on housing property and reducing mortgage repayment deductibility as macroprudential instruments to curb household indebtedness. We analyze the output and welfare implications of these measures, with a particular emphasis on the role of rev...
| Publicado en: | Oxford Economic Papers Vol. 78; no. 3; pp. 740 - 770 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
Oxford University Press / USA
Jul2026
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=196419365&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 196419365 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00307653 OXE jtl: Oxford Economic Papers issn: 00307653 maglogo: N pubinfo: dt: Jul2026 vid: 78 iid: 3 pid: 622 pub: Oxford University Press / USA artinfo: ui: 196419365 10.1093/oep/gpag023 ppf: 740 ppct: 30 formats: tig: atl: Fiscal interventions as housing-related macroprudential tools: a comprehensive analysis. aug: au: Jang, Hun affil: Economic Research Institute, Bank of Korea, 39, Namdaemun-ro, Jung-gu, Seoul 04531, Republic of Korea su: Fiscal policy Debt Welfare economics Property tax Macroeconomic models sug: subj: Fiscal policy Debt Welfare economics Public Finance Activities Property tax Macroeconomic models keyword: copyrightHolder:Oxford University Press copyrightYear:2026 E58 E61 fiscal policy H20 H50 housing market inLanguage:en macroprudential policy policy coordination publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/oep/gpag023 copyrightHolder:Oxford University Press copyrightYear:2026 E58 E61 fiscal policy H20 H50 housing market inLanguage:en macroprudential policy policy coordination publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/oep/gpag023 ab: This article investigates the efficacy of raising tax rates on housing property and reducing mortgage repayment deductibility as macroprudential instruments to curb household indebtedness. We analyze the output and welfare implications of these measures, with a particular emphasis on the role of revenue allocation. Utilizing a dynamic general equilibrium framework, we find that while both instruments successfully reduce house prices and credit, raising tax rates on housing property induces more significant price contractions and higher short-run output costs. In contrast, reducing mortgage repayment deductibility is more targeted, effectively lowering mortgage default rates and minimizing collateral erosion. Welfare outcomes depend crucially on fiscal recycling: allocating revenues to public investment or debt reduction primarily benefits patient households, whereas directing revenues toward transfer payments mitigates the welfare losses of credit-constrained borrowers and maximizes benefits for renters by alleviating liquidity constraints. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|