Съдържанието не е налично на български език.
Kai Foerster
- 21 May 2025
- WORKING PAPER SERIES - No. 3059Details
- Abstract
- This paper provides the first study of climate risk pricing in euro area commercial real estate markets. We pay particular attention to changes in risk pricing over time, as a sudden market shift may significantly amplify the financial stability and macroeconomic implications of these risks. We find evidence of investors applying a penalty to buildings exposed to physical risk and that this penalty has increased significantly over the 2007-2023 period we study, particularly for properties exposed to risks associated with climate change. This change in pricing appears to have occurred in an orderly manner, with no implications for liquidity in the market for high risk buildings. In contrast, while pricing of transition risk has also increased over the period studied, towards the end of our sample the market response to transition risk appears to be playing out via market liquidity. This indicates that older buildings - which are more exposed to transition risks - may already be at risk of becoming “stranded assets”.
- JEL Code
- R33 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→Nonagricultural and Nonresidential Real Estate Markets
Q51 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects
G2 : Financial Economics→Financial Institutions and Services
- 3 July 2023
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 22Details
- Abstract
- Long-term trends in loan-to-value (LTV), debt-to-income (DTI) and debt-service-to-income (DSTI) ratios started to reverse in 2022. Higher interest rates in combination with elevated house prices are pushing up servicing costs for mortgages, resulting in higher shares of new loans with DSTIs over 30%. In countries with regulatory caps on monthly mortgage repayment ratios, an increasing share of new loans have DSTIs close to the limits. However, banks are not making full use of the flexibility allowed to them to lend above the DSTI limits, suggesting the measures in place are not excessively constraining lending.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G51 : Financial Economics
R30 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Real Estate Markets, Spatial Production Analysis, and Firm Location→General