Is the Incidence of the Monetary Policy on the Mortgage Market Possible?
The article sets out to approach mortgage markets and their impact on the financial structure and on the financial stability. The synthesizing of studies done lead to the conclusion that the institutional characteristics of the mortgage market influence the monetary policy shocks on the prices of ho...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
General Association of Economists from Romania
2009-03-01
|
| Series: | Theoretical and Applied Economics |
| Subjects: | |
| Online Access: |
http://store.ectap.ro/articole/373.pdf
|
| Summary: | The article sets out to approach mortgage markets and their
impact on the financial structure and on the financial stability. The synthesizing
of studies done lead to the conclusion that the institutional characteristics
of the mortgage market influence the monetary policy shocks on the prices of
housing and consumption. In developed countries, transmission of such shocks
is stronger because of mortgage markets mature and flexible. Regarding this
aspect, there are significant divergences in the structure of the mortgage market
between the main industrialized countries. Also, the reaction of central
banks to the speculative bubbles on the mortgage markets is extremely reduced,
thus formulating a series of interrogations related to the lack of concern
of monetary authorities regarding the price of real assets. |
|---|---|
| ISSN: | 1841-8678 1844-0029 |