This paper explores ways in which borrower-based measures (BBMs) could be applied to commercial real estate (CRE) lending, focusing on suitable metrics and scope. BBMs have already proven to be effective in mitigating credit risks in residential real estate lending by curbing excessive credit...

The question of who ultimately bears the burden of corporate income tax is central to tax policy, with implications for both fairness and efficiency. Previous evidence for Germany suggested that workers absorb a large share through lower wages, raising concerns about the distributional...

Due to the smoothing problem with appraisal-based indices, there is uncertainty about the true volatility of value change returns on real estate markets. The selection of unsmoothing procedures proposed in the literature obviously cannot remedy this. The article argues that it is hardly possible...

The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures remain opaque. This paper uses comprehensive Finnish register data to construct firm-level ownership network and identify owners of CRE firms. We document that government...

Das FDZ Ruhr am RWI stellt Preisindizes für Wohnungen und Häuser (Vermietung und Verkauf) in Deutschland ab dem Jahr 2008 zur Verfügung. Die Preisindizes basieren auf dem Immobiliendatensatz RWI-GEO-RED, der Immobilienangebote von ImmoScout24 zusammenfasst. Wir führen drei Arten von...

Das FDZ Ruhr stellt einen Datensatz zu gewerblichen Immobilienanzeigen in Deutschland zur Verfügung, der auf Informationen der Internetplattform ImmoScout24 beruht. Der Datensatz umfasst ein breites Spektrum an Immobilienarten, unter anderem Büros, Einzelhandel und Hotels. Es ist wichtig zu...

Das FDZ Ruhr stellt einen Datensatz zu gewerblichen Immobilienanzeigen in Deutschland zur Verfügung, der auf Informationen der Internetplattform ImmoScout24 beruht. Der Datensatz umfasst ein breites Spektrum an Immobilienarten, unter anderem Büros, Einzelhandel und Hotels. Es ist wichtig zu...

We develop a statistical-methodological framework for a set of core commercial real estate market indicators, which consists of a market price index, a gross rent index, and a net rental yield index as well a vacancy rate. We argue that the indicators should be (macro-)consistent, meaning that...

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...

Following post-pandemic tightening of monetary policy in advanced economies, commercial real estate (CRE) markets have been under pressure globally, including in Germany. This paper explores the channels of CRE impact for the German financial sector, and the potential size of impact for...

The value of the Danish commercial real estate market is large and developments within this market can have widespread implications for the financial system and the real economy. This memo provides an overview of the Danish commercial real estate market. It maps the stock of Danish commercial...

We show that banks "extended-and-pretended" their impaired CRE mortgages in the post-pandemic period to avoid writing off their capital, leading to credit misallocation and a buildup of financial fragility. We detect this behavior using loan-level supervisory data on maturity extensions, bank...

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized assets. We address this question in the context of commercial real estate cash flow shocks, which are informationally opaque to holders of commercial mortgage-backed securities...

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized assets. We address this question in the context of commercial real estate cash flow shocks, which are informationally opaque to holders of commercial mortgage-backed securities...

This study provides direct evidence of the value to banks arising from relationship lending by estimating the market premium placed on banking organizations' small business loan portfolios. Using data from the small business loan survey contained in the June bank Call Reports, we find that small...