Cooling Measures and Housing Wealth: Evidence from Singapore

Arbeitspapier

Excessive house price growth was at the heart of the financial crisis in 2007/08. Since then, many countries have added cooling measures to their regulatory frameworks. It has been found that these measures can indeed control price growth, but no one has examined whether this has adverse consequences for the housing wealth distribution. We examine this for Singapore, which started in 2009 to target price growth over ten rounds in total. We find that welfare from housing wealth in the last round might not be higher than before 2009. This depends on the deflator used to convert nominal into real prices. Irrespective of the deflator, we can reject that welfare increased monotonically over the different rounds.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IRTG 1792 Discussion Paper ; No. 2019-001

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Housing Supply and Markets ; Multiple or Simultaneous Equation Models: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models ; Large Data Sets: Modeling and Analysis
• Thema: house price distribution ; stochastic dominance tests

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Härdle, Wolfgang Karl ; Schulz, Rainer ; Xie, Taojun
• Ereignis: Veröffentlichung
• (wer): Humboldt-Universität zu Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series"
• (wo): Berlin
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/230777
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ