Taming the real estate boom in the EU: Pathways to macroprudential (in)action

IF 3.2 2区 社会学 Q1 LAW
Etienne Lepers, Matthias Thiemann
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引用次数: 0

Abstract

In the fallout of the 2008 crisis, macroprudential policy has been installed as the policy remedy against future financial instability, a primary focus being developments in the real estate sector. With house prices consistently rising in the EU since 2014, causing alarm among macroprudential supervisory bodies, a core question of EU regulatory governance is how far macroprudential bodies have been capable of bringing about countercyclical actions against the build-up of such vulnerabilities. This paper investigates this question using a novel dataset of macroprudential intensity coded for the 17 EU countries that experienced real estate vulnerabilities post-euro crisis. Specifically, it asks which configuration of conditions account for the (in)capacity of countries to impose stringent countercyclical regulations against housing booms? Using fuzzy set qualitative comparative analysis technics coupled with qualitative analysis of country cases using expert interviews, we find that the absence of political salience of homeownership and the political independence of macroprudential authorities to be crucial conditions that jointly explain countercyclical macroprudential activity. These findings, which show two pathways to action have implications for the capacity of the EU to prevent future crises and future reform of the EU prudential framework.
驯服欧盟的房地产繁荣:宏观审慎(在)行动之路
在2008年危机的影响下,宏观审慎政策已被作为应对未来金融不稳定的政策补救措施,主要重点是房地产行业的发展。自2014年以来,欧盟的房价持续上涨,引起了宏观审慎监管机构的警惕,欧盟监管治理的一个核心问题是,宏观审慎机构在多大程度上能够采取反周期行动,防止此类脆弱性的积累。本文使用一个新的宏观审慎强度数据集来研究这个问题,该数据集是为欧元危机后经历房地产脆弱性的17个欧盟国家编码的。具体来说,它提出的问题是,哪些条件配置导致各国(在)有能力对房地产繁荣实施严格的反周期监管?采用模糊集定性比较分析技术,结合专家访谈的国家案例定性分析,我们发现住房所有权缺乏政治显著性和宏观审慎当局的政治独立性是共同解释逆周期宏观审慎活动的关键条件。这些发现显示了两种行动途径,对欧盟预防未来危机的能力和欧盟审慎框架的未来改革具有重要意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.80
自引率
10.00%
发文量
57
期刊介绍: Regulation & Governance serves as the leading platform for the study of regulation and governance by political scientists, lawyers, sociologists, historians, criminologists, psychologists, anthropologists, economists and others. Research on regulation and governance, once fragmented across various disciplines and subject areas, has emerged at the cutting edge of paradigmatic change in the social sciences. Through the peer-reviewed journal Regulation & Governance, we seek to advance discussions between various disciplines about regulation and governance, promote the development of new theoretical and empirical understanding, and serve the growing needs of practitioners for a useful academic reference.
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