Political Ties and the Yield Curve
Gene Ambrocio, Iftekhar Hasan
Economics Letters,
July
2023
Abstract
We examine the effect of political ties with the US on sovereign yields and ratings at various horizons. We find beneficial effects across both short- and long-term yields and ratings. Specifically, we find that stronger political ties with the US affect mainly the level of the yield curve of foreign sovereign bonds. These results imply that the market perceives political ties with the US as having both near- and long-term beneficial consequences.
Artikel Lesen
DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
Zur Seite
Evaluation raumwirksamer Politiken
Evaluation raumwirksamer Politiken Wichtiger Teil der Arbeit des IWH-CEP ist die...
Zur Seite
Vergebene Aufträge
Vergebene Aufträge Das IWH veröffentlicht an dieser Stelle eine Liste der nach...
Zur Seite
Ostdeutschland
Die garstige Lücke Warum Ostdeutschland auch 30 Jahre nach der Vereinigung um 20% ärmer ist...
Zur Seite
DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
Zur Seite
Bevölkerung und Arbeitsmarkt
Bevölkerung und Arbeitsmarkt Zu den Einwohnern und Einwohnerinnen gehören alle Personen (Deutsche und Ausländer/innen), die im Bundesgebiet (bzw. in einem Bundesland)...
Zur Seite
Alumni
IWH-Alumni Das IWH möchte den Kontakt zu seinen ehemaligen Mitarbeiterinnen und...
Zur Seite
Real Estate Transaction Taxes and Credit Supply
Michael Koetter, Philipp Marek, Antonios Mavropoulos
IWH Discussion Papers,
Nr. 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.
Artikel Lesen