房地产交易税与信贷供给

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Stability Pub Date : 2025-07-14 DOI:10.1016/j.jfs.2025.101436

M. Koetter , P. Marek , A. Mavropoulos

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引用次数: 0

摘要

我们利用德国各州交错的房地产交易税（RETT）上调来确定所有德国当地银行对地区房价和未偿还抵押贷款增长率的影响。结果显示，如果将RETT上调1个百分点，地区房价就会下降3% ~ 4%。此外，iv回归表明，由RETT增加引起的区域房价下降1个百分点导致区域抵押贷款下降0.3%，特别是在农村地区的低资本银行中。

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Real estate transaction taxes and credit supply

We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect on the growth rates of regional house prices and outstanding mortgage loans by all local German banks. The results show that a RETT hike by one percentage point reduces regional house prices by 3%–4%. Furthermore, IV-regressions yield that a 1 percentage point drop in regional house prices induced by a RETT increase leads to a 0.3% decline in regional mortgage lending, particularly among low-capitalized banks in rural regions.

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来源期刊

Journal of Financial Stability Multiple-

CiteScore

7.70

自引率

9.30%

发文量

审稿时长

34 days

期刊介绍： The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.