MANAGING HOUSING BUBBLES IN REGIONAL ECONOMIES UNDER EMU: IRELAND AND SPAIN
With the advent of EMU, monetary policy can no longer be used to prevent housing market bubbles in regional economies such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that the advent of EMU relaxed existing financial constraints in...
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| Veröffentlicht in: | National Institute economic review 2010-01, Vol.211 (211), p.R27-R44 |
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| container_title | National Institute economic review |
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| creator | Conefrey, Thomas Gerald, John Fitz |
| description | With the advent of EMU, monetary policy can no longer be used to prevent housing market bubbles in regional economies such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that the advent of EMU relaxed existing financial constraints in Ireland and Spain, allowing a more rapid expansion of the housing stock in those countries to meet their specific demographic circumstances. However, the failure to prevent these booms turning into bubbles did lasting damage to the two economies, damage that could have been avoided by more appropriate fiscal policy action. |
| doi_str_mv | 10.1177/0027950110364103 |
| format | Article |
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| source | PAIS Index; SAGE Complete; Jstor Complete Legacy |
| subjects | Assets Capital costs Cost of capital Demographics Dwellings Economic and Monetary Union Economic aspects Economic bubbles Economic conditions Economic models Economic policy European Monetary Union Financial crisis Financial economics Financial investments Fiscal policy Forecasts and trends Housing Housing market Interest rates International aspects Ireland Monetary policy Mortgage markets Prices Real estate bubbles Real estate market Regional economics Spain Studies |
| title | MANAGING HOUSING BUBBLES IN REGIONAL ECONOMIES UNDER EMU: IRELAND AND SPAIN |
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