Essays in Macroeconomics and Finance

Cenkhan Sahin

    Research output: ThesisThesis fully internal (DIV)

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    Abstract

    The unifying theme in this dissertation stems from questions that have risen in the aftermath of, what has been deemed, one of the worst financial crises in modern economic history. Specifically, this dissertation addresses the following questions. What is the role of mortgage interest deduction in household indebtedness, foreclosures, and macroeconomic žfluctuations? How did supervisory bank stress tests, conducted in the aftermath of the crisis, affect financial markets in the US and in Europe? How did government-owned banks perform during the build-up to the recent financial crisis?

    The findings indicate that it is important to understand housing market outcomes in the context of macroprudential policy. Policies aimed at aiding homeowners on a microeconomic level may prove dangerous from a macroeconomic stability perspective. In contrast, policies designed to assuage markets in dismay by pushing for more information and transparency may prove beneficial �from a financial stability perspective. Supervisory assessments such as stress tests enable the regulators forward that cause.

    It seems that debt is key. However, regardless of the causes of the crises, the role of policy is, and always will be, of extreme importance to the economic outcomes that have been achieved and are to be achieved.
    Translated title of the contributionEssays in Macro-Economie en Financiën
    Original languageEnglish
    QualificationDoctor of Philosophy
    Awarding Institution
    • University of Groningen
    Supervisors/Advisors
    • de Haan, Jakob, Supervisor
    • Smets, Frank R, Supervisor
    • Colciago, A., Co-supervisor, External person
    Award date2-Jul-2018
    Place of Publication[Groningen]
    Publisher
    Print ISBNs978-94-034-0810-1
    Electronic ISBNs978-94-034-0809-5
    Publication statusPublished - 2018

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