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Author/Editor:
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Tsounta, Evridiki
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Publication Date:
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August 01, 2011
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Electronic Access:
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Free Full text
(PDF file size is 668KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper investigates the role of government intervention in achieving the American dream of homeownership. The study analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The role of the Government Sponsored Enterprises in facilitating the creation of a secondary market for mortgage-backed securities is also analyzed as well as the role of the Federal Housing Administration. Cross-country comparisons of how housing is financed in other industrial countries is also provided, emphasizing how other countries have been able to achieve comparable homeownership rates as the United States in a less complicated and fiscally cheaper system. Country experiences of successfully phasing out government intervention are also analyzed.
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Order a print copy
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Series:
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Working Paper No. 11/191
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Subject(s):
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Cross country analysis | Household credit | Housing | Housing prices | Loan guarantees | Private sector | Tax exemptions | Tax rates | United States
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Author's Keyword(s):
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Housing finance | homeownership | tax expenditures | government guarantees |
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