EconPol Europe – European Network for Economic and Fiscal Policy Research

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April 10, 2021 | Policy Report

Is there a need for reverse mortgages in Germany? Empirical evidence and policy implications

Building up sufficient capital for old-age provision, poses a challenge to private households. Homeowners can resort to illiquid housing wealth by using home reversion plans or reverse mortgages. While reverse mortgages are common in the USA and the UK, a German market is quasi non-existent. ...Details

April 01, 2021 | Policy Brief

How Fast Must Vaccination Campaigns Proceed in Order to Beat Rising Covid-19 Infection Numbers?

Facing a third Covid-19 outbreak in the spring of 2021 a central question for European policymakers is at what point a vaccination campaign has acquired sufficient speed to overcome the increase in infections, so as to justify lifting NPIs at least partially. ...Details

March 31, 2021 | Working Paper

What Are the Priorities of Bureaucrats?

The functioning of public bureaucracies is considered a principal driver of government effectiveness and state capacity. ...Details

Latest Publication

Is There a Need for Reverse Mortgages in Germany? Empirical Evidence and Policy Implications

Florian Bartsch (Paris School of Economics), Florian Buhlmann (ZEW Mannheim), Karolin Kirschenmann (ZEW Mannheim), Carolin Schmidt (University of Cambridge)

In the face of shifting demographics capital-funded old-age provision is increasingly becoming important in many European countries. Generating sufficient capital for old-age provision, however, poses a challenge to private households. Homeowners can resort to illiquid housing wealth by using home reversion plans or reverse mort-gages. While reverse mortgages are common in the USA and the UK, a German market is quasi non-existent. This Policy Report provides evidence on the demand- and supply-side reasons for the absence of a reverse mortgage market in Germany. It finds that there is potential for the market to grow in the medium term and could benefit cash-poor but house-rich households, hence decreasing old-age poverty. While the analysis focuses on Germany, its implications are equally relevant for other European countries, in particular for those with higher homeownership rates and less generous public pension schemes.

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Upcoming events

EconPol/Intereconomics Session on Fiscal Stimulus, CEPS Ideas Lab

Fiscal Stimulus: Lessons from the US to Europe

Online Event

3 June 2021

In order to mitigate the impact of the coronavirus pandemic, most G20 member countries have committed to fiscal stimulus packages. While deficits in the European Union are about 7 percent of its gross domestic product (GDP) and a large share of it reflects automatic stabilizers, the United States passed two fiscal stimulus packages and authorized additional aid that amounts to approximately 5 trillion Dollars. Fiscal deficits are estimated to be around 18 percentage points of GDP in 2020 and 2021. Even though the EU-wide fiscal stimulus plan that included borrowing 750 billion Euros (892 billion dollars) from public markets is unprecedented, the money might not be available to member states before the second half of 2021. Critics argue that this is too little too late and that measures are not targeted enough to boost consumption. On the other hand, there are voices reminding that ‘the bigger they are the harder they fall’: the enormous US relief package could lead to a spike in inflation and threaten long-term financial stability.

In this panel Antonia Díaz, Daniel Gros, Adam Posen and Claudia Sahm will discuss if, and what lessons the EU can learn from the US in terms of fiscal policy measures to fight the coronavirus pandemic – or vice versa. The session is part of the prestigious "CEPS Ideas Lab" and is hosted by Intereconomics and EconPol.

more info

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