“Between technocracy and politics: How financial stability committees shape precautionary interventions in real estate markets”, Matthias Thiemann and Bart Stellinga (Sciences Po CEE, France)

Implementing precautionary measures that have obvious distributional consequences today but often only invisible future benefits is politically difficult. It requires that policymakers reconcile technocratic expertise with political consent. This paper traces attempts to enact such measures, focusing on countercyclical policies to limit the systemic risks of housing booms as proposed by financial stability committees in Germany, France, and the Netherlands from 2015 onwards.

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