University of Groningen
Essays in Macroeconomics and Finance
Sahin, Cenkhan
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Publication date: 2018
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Sahin, C. (2018). Essays in Macroeconomics and Finance. University of Groningen, SOM research school.
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Essays in Macroconomics and Finance
vanCenkhan Sahin
U
1. It is important to understand housing market outcomes in the context of macroprudential pol-icy. Policies aimed at aiding home owners on a microeconomic level may prove dangerous from a macroeconomic perspective (Chapter 2).
2. A higher mortgage interest deduction leads to higher house prices, more levered households, and a higher rate of mortgage default (Chapter 2).
3. With a high mortgage interest deduction consumer spending falls more sharply (Chapter 2). 4. When mortgage risk is high the presence of mortgage interest deduction leads to more volatile
responses of the main macro-variables to exogenous shocks (Chapter 2).
5. Policies designed to assuage markets in dismay by pushing for more information and transparency may prove very beneficial from a financial stability perspective (Chapters 3 and 4).
6. The release of information about the outcomes of stress tests in the US and Europe did occasionally move markets (Chapters 3 and 4).
7. Stress tests are a useful tool in mitigating systematic and systemic risk in stock and credit markets (Chapter 3).
8. Government ownership of banks is inefficient and ceteris paribus more risky even during a period of tremendous rise in debt in the financial system (Chapter 5).
