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Theoretical and Applied Economics
No. 3 / 2009 (532)

Is the Incidence of the Monetary Policy on the Mortgage Market Possible?

Teodora Barbu
Georgeta Vintila
Academy of Economic Studies, Bucharest

Abstract. The article sets out to approach mortgage markets and their impact on the financial structure and on the financial stability. The synthesizing of studies done lead to the conclusion that the institutional characteristics of the mortgage market influence the monetary policy shocks on the prices of housing and consumption. In developed countries, transmission of such shocks is stronger because of mortgage markets mature and flexible. Regarding this aspect, there are significant divergences in the structure of the mortgage market between the main industrialized countries. Also, the reaction of central banks to the speculative bubbles on the mortgage markets is extremely reduced, thus formulating a series of interrogations related to the lack of concern of monetary authorities regarding the price of real assets.

Keywords: mortgage market; monetary policy; speculative bubble; central bank; real assets.

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