Home Ownership Finance in Austria and Germany
研究了奥地利和德国购房的金融障碍，比较了两国公共援助、抵押贷款市场和风险分配差异，发现当前证券化方法与补贴、税收工具相互作用可能导致信贷配给，引发改革讨论。
This paper studies the financial barriers to ownership entry in Austria and Germany. In both countries the financial institutions are similar but there are differences as to public assistance, mortgage markets and risk allocation. Various risk shifting mechanisms between borrowers, banking and the state, and their impacts on social costs and social efficiency, are discussed. The findings indicate possible credit‐rationing as an outcome of the current securitization methods used in Austrian and German bank intermediation and their interaction with subsidy and tax allowance instruments. The existing entry barriers have raised concerns among the current decision makers and may initiate financial reforms in the near future.