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Government Regulations and Homeownership in the International Perspective

Student: Iuliia Prozorova

Supervisor: Konstantin Kholodilin

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2018

This paper investigates the effect of governmental housing market regulations on the homeownership rates across the world. The regulations are approximated using binary variables based on a thorough analysis of the corresponding country-specific legislation. Three major restrictive policies are considered: rent control, protection of tenants from restriction, and housing rationing. The set of indices covers 40 countries over more than 100 years. This unique dataset allows estimating regulation effects with dynamic panel data models. Thus, a due care can be taken of the possible omitted variable bias and persistence of the homeownership rates. It is found that housing regulations do affect the share of households occupying their own dwellings. Thus, tenant protection can result in a reduction of the rental housing market.

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