ERC Consolidator Grant · 2017
Housing, Finance and the Macroeconomy, 1870-2015
Popular wisdom has it that no other investment is as ‘safe as houses’. Households have rigorously followed this investment advice. At the beginning of the 20th century, home ownership was the exception, not the rule. 100 years later, about two thirds of Europeans own the houses they live in. Homes have become the most important asset of households and mortgage loans have driven the growth of the financial sector, becoming its main asset. In the 2008 crisis, the housing market was the epicentre of shocks to the wealth of households and the health of banks. The rise of debt-financed home ownership has transformed household portfolios and the balance sheets of banks. Yet the effects on the…
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