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Immobilienfinanzierung: Hypothekenmärkte und ihre gesamtwirtschaftliche Bedeutung

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  • Jäger, Manfred
  • Voigtländer, Michael

Abstract

Die Geldpolitik schenkt den Immobilienmärkten zunehmend Aufmerksamkeit, weil immer deutlicher wird, dass die Immobilienpreise sich maßgeblich auf den Konsum auswirken können. Ein wichtiges Bindeglied zwischen der Geldpolitik und den Immobilienpreisen stellen die Hypothekenmärkte dar. Die Analyse weist nach, dass die Wahl der Zinsbindung einen erheblichen Einfluss auf die Zinsreagibilität der Hauspreise hat. In Ländern wie Deutschland, wo Hypothekendarlehen mit festen Zinsen dominieren, reagieren die Immobilienpreise wesentlich schwächer auf geldpolitische Impulse als beispielsweise im Vereinigten Königreich, wo klassischerweise variable Darlehen abgeschlossen werden. Darüber hinaus zeigt das Beispiel der USA, dass eine Produktvielfalt im Bereich der Immobilienfinanzierung gesamtwirtschaftliche Vorteile verspricht, weil die Entscheidungen der Haushalte zu einer Dämpfung von Abschwüngen und einer Stärkung von Aufschwüngen beitragen. Für die EU-Kommission, die den Wettbewerb im europäischen Hypothekenmarkt stärken möchte, folgt daraus, dass sie auf Maßnahmen, die zur Einschränkung der Produktvielfalt führen, verzichten sollte. Stattdessen sollte der Prozess der Konvergenz der Hypothekenmärkte durch die Unterstützung des Kapitalmarktes vorangetrieben werden.

Suggested Citation

  • Jäger, Manfred & Voigtländer, Michael, 2006. "Immobilienfinanzierung: Hypothekenmärkte und ihre gesamtwirtschaftliche Bedeutung," IW-Analysen, Institut der deutschen Wirtschaft (IW) / German Economic Institute, volume 22, number 22.
  • Handle: RePEc:zbw:iwkana:22
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    References listed on IDEAS

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