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Entrenchment or Retrenchment: The Political Economy of Mortgage Debt Subsidies in the United States and Germany
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Entrenchment or Retrenchment: The Political Economy of Mortgage Debt Subsidies in the United States and Germany
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Journal Article
Entrenchment or Retrenchment: The Political Economy of Mortgage Debt Subsidies in the United States and Germany
2022
Overview
Why do mortgage subsidies vary across countries? Until the 2000s, the U.S. and Germany provided large-scale subsidies for homeownership. Yet, their paths diverged when they faced deep economic crises at that time. While the U.S. doubled down on government support by quasi-nationalizing
its mortgage market, Germany retrenched homeowner subsidies. This article argues that growth regimes shape coalitional logics that explain these contrasting outcomes. In the U.S. demand-led regime, where housing is key to growth, a bipartisan coalition entrenched mortgage subsidies to stimulate
household credit and consumption. Germany's export-led regime, where housing is less central to growth, produced a broad-based coalition that retrenched homeowner subsidies to boost competitiveness. Detailed case studies contrast the quasi-nationalization of U.S. government-sponsored enterprises
(GSEs) with the retrenchment of the German \"homeowner subsidy\" (Eigenheimzulage).
Publisher
City University of New York
Subject
