DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
See page
Vergebene Aufträge
Vergebene Aufträge Das IWH veröffentlicht an dieser Stelle eine Liste der nach...
See page
Archive
Media Response Archive ...
See page
Privacy
Data Protection Policy ...
See page
DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
See page
IWH FDI Micro Database
IWH FDI Micro Database The IWH FDI Micro Database (FDI = Foreign Direct...
See page
East Germany
The Nasty Gap 30 years after unification: Why East Germany is still 20% poorer than the...
See page
Alumni
IWH Alumni The IWH would like to stay in contact with its former employees. We...
See page
Real Estate Transaction Taxes and Credit Supply
Michael Koetter, Philipp Marek, Antonios Mavropoulos
IWH Discussion Papers,
No. 26,
2022
Abstract
We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect of house price changes on mortgage credit supply. Based on approximately 33 million real estate online listings, we construct a quarterly hedonic house price index (HPI) between 2008:q1 and 2017:q4, which we instrument with state-specific RETT changes to isolate the effect on mortgage credit supply by all local German banks. First, a RETT hike by one percentage point reduces HPI by 1.2%. This effect is driven by listings in rural regions. Second, a 1% contraction of HPI induced by an increase in the RETT leads to a 1.4% decline in mortgage lending. This transmission of fiscal policy to mortgage credit supply is effective across almost the entire bank capitalization distribution.
Read article