The effects of the supply of credit on real estate prices: Venezuela as a policy laboratory

Arbeitspapier

We identify the effects of the supply of mortgage credit on house prices, using the politicallydirected credit-targeting regime of Venezuela as quasi-natural experiment. We find a large effect of the supply of housing credit on time path of house prices (or housing Markups), with an elasticity of housing markups with respect to credit of about 0.23 under our baseline specification, and similar results under a set of alternative specifications. These estimates are close to previous panel estimates for the United States, which suggests that these estimates capture similar phenomena.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Kiel Working Paper ; No. 2066

Classification and Topics

• Classification: Wirtschaft ; Money Supply; Credit; Money Multipliers ; Studies of Particular Policy Episodes ; Housing Supply and Markets
• Subject: house prices ; credit supply ; Venezuela ; credit targeting

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Boeing-Reicher, Claire ; Pinto, David
• Event: Veröffentlichung
• (who): Kiel Institute for the World Economy (IfW)
• (where): Kiel
• (when): 2016

Further information

• Handle: http://hdl.handle.net/10419/148315
• Last update: 10.03.2025, 11:44 AM CET