This paper incorporates two features of housing in a life-cycle analysis of social security: housing as a durable good and housing market frictions. We find that with housing as a durable good, unfunded social security substantially crowds out housing consumption throughout the life cycle. By...

We investigate the relationship between real estate markets and bank distress among German universal and specialized mortgage banks between 1995 and 2004. Higher house prices increase the value of collateral, which reduces the probability of bank distress (PDs). But higher prices at given rents...

Durch die Niedrigzinspolitik der EZB ist der Immobilienmarkt der Gefahr einer Preisblase ausgesetzt. Da eine Zinserhöhung in nächster Zeit nicht zu erwarten ist, rücken andere institutionelle Handlungsmöglichkeiten in den Fokus. Hohe Eigenkapitalquoten sowohl der Kreditnehmer als auch der...