La interrelación entre los mercados financiero e inmobiliario: implicaciones para la estabilidad de la eurozona

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José Pablo Abeal Vázquez
Universidad de la Coruña
España
José Manuel Sánchez Santos
Universidad de la Coruña
España
Vol. 21 (2012): Crisis en la Eurozona, Artículos
DOI: https://doi.org/10.15304/rge.21.Extra.430
Recibido: 11-10-2012 Aceptado: 11-10-2012
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Resumen

La reciente situación de inestabilidad financiera y su transmisión a la economía productiva,además de revelar el carácter bidireccional de la relación entre variables financieras yreales, deja importantes interrogantes sobre la capacidad que tiene el Banco Central Europeo(BCE) para instrumentar una política monetaria eficaz en un área tan heterogénea como la eurozona.Esta constatación resulta de especial relevancia cuando se trata de explicar la interrelaciónentre los tipos de interés de referencia de la política monetaria, el comportamiento del crédito,la generación de burbujas de precios en el mercado inmobiliario y la evolución de la actividadeconómica real. En esta línea, el objetivo principal de este artículo es profundizar en la naturalezade la interrelación entre los mercados financieros e inmobiliarios, así como sobre losfactores que condicionan las posibilidades del BCE para contribuir a la estabilidad de la eurozonamediante la instrumentación de la política monetaria. Para ello se estima un modelo VARque permite obtener evidencia acerca de la interrelación entre el precio de la vivienda, el tipo deinterés, el crédito, la inflación y el PIB para una muestra de cinco países que forman parte de laeurozona (España, Irlanda, Austria, Francia y Portugal).

Palabras clave:

Mercado inmobiliario, Inestabilidad financiera, Unión monetaria, Política monetaria, Banco Central Europeo
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