How tax policies create unexpected results when interest rates are low: A case study of Finnish housing company debt and private investor return¹

Aarnio, Aulis. Luentoja Lainopillisen Tutkimuksen Teoriasta. Helsinki: Helsingin Yliopiston Oikeustieteellinen Tiedekunta, 2011. AarnioAulis Luentoja Lainopillisen Tutkimuksen Teoriasta Helsinki Helsingin Yliopiston Oikeustieteellinen Tiedekunta 2011 Search in Google Scholar

Allen, F., Barth, J.R. and Yago, G. “Financial Innovations and the Stability of the Housing Market.” National Institute economic review 230, no. 230 (2014): R16–R33. AllenF. BarthJ.R. YagoG. “Financial Innovations and the Stability of the Housing Market.” National Institute economic review 230 230 2014 R16 R33 Search in Google Scholar

Andersson, E., Linnakangas, E., and Frände, J. Tuloverotus. Helsinki: Talentum Pro, 2016. AnderssonE. LinnakangasE. FrändeJ. Tuloverotus Helsinki Talentum Pro 2016 Search in Google Scholar

Bank of Finland. Makrovakausvälineistö ulotettava kotitalouksien kaikkiin lainoihin. Press Release no. 33, (December 2018): https://www.suomenpankki.fi/fi/media-ja-julkaisut/tiedotteet/2018/makrovakausvalineisto-ulotettava-kotitalouksien-kaikkiin-lainoihin/. Bank of Finland Makrovakausvälineistö ulotettava kotitalouksien kaikkiin lainoihin Press Release no. 33, December 2018 https://www.suomenpankki.fi/fi/media-ja-julkaisut/tiedotteet/2018/makrovakausvalineisto-ulotettava-kotitalouksien-kaikkiin-lainoihin/. Search in Google Scholar

Bank of Finland. Lausunto makrovakauspolitiikan päätösesityksestä kesäkuussa. Press Release (28 June 2019): https://www.suomenpankki.fi/globalassets/fi/media-ja-julkaisut/lausunnot/documents/sp_lausunto_07052019.pdf. Bank of Finland Lausunto makrovakauspolitiikan päätösesityksestä kesäkuussa Press Release 28 June 2019 https://www.suomenpankki.fi/globalassets/fi/media-ja-julkaisut/lausunnot/documents/sp_lausunto_07052019.pdf. Search in Google Scholar

Blazenko, George W., and Pavlov, Andrey D. “The Economics of Maintenance for Real Estate Investments.” Real Estate Economics 32, no. 1 (2004): 55–84. BlazenkoGeorge W. PavlovAndrey D. “The Economics of Maintenance for Real Estate Investments.” Real Estate Economics 32 1 2004 55 84 Search in Google Scholar

Beckworth, D.M. Boom and Bust Banking: The Causes and Cures of the Great Recession. Oakland, CA: Independent Institute, 2012. BeckworthD.M. Boom and Bust Banking: The Causes and Cures of the Great Recession Oakland, CA Independent Institute 2012 Search in Google Scholar

Booth, G. Geoffrey, Glascock, John L., Martikainen, Teppo, and Rothovius, Timo. “The Financing of Residential Real Estate in Finland.” (1994): Washington: Journal of Housing Research. BoothG. Geoffrey GlascockJohn L. MartikainenTeppo RothoviusTimo “The Financing of Residential Real Estate in Finland.” 1994 Washington Journal of Housing Research Search in Google Scholar

Cerutti, E., Dagher, J. and Dell’Ariccia, G.) “Housing finance and realestate booms: A cross-country perspective.” Journal of Housing Economics, 38 (2017): 1–13 CeruttiE. DagherJ. Dell’AricciaG. “Housing finance and realestate booms: A cross-country perspective.” Journal of Housing Economics 38 2017 1 13 Search in Google Scholar

Chau, K.W. Wong, S.K., Yiu, C.Y., Yiu, C.Y., Tse, Maurice K.S., Pretorius, Frederik I.H., “Do Unexpected Land Auction Outcomes Bring New Information to the Real Estate Market?” The Journal of Real Estate Finance and Economics 40, no. 4 (2010): 480–496. ChauK.W. WongS.K. YiuC.Y. YiuC.Y. TseMaurice K.S. PretoriusFrederik I.H. “Do Unexpected Land Auction Outcomes Bring New Information to the Real Estate Market?” The Journal of Real Estate Finance and Economics 40 4 2010 480 496 Search in Google Scholar

Clapham, D. Cooperative Housing/Ownership. 2012 ClaphamD. Cooperative Housing/Ownership 2012 Search in Google Scholar

Flavin, M., and Yamashita, T.. “Owner-occupied housing and the composition of the household portfolio.” American Economic Review 92, no. 1, (2002): 345–362. FlavinM. YamashitaT. “Owner-occupied housing and the composition of the household portfolio.” American Economic Review 92 1 2002 345 362 Search in Google Scholar

Flygare, Petri, and Paukku, Eelis. ”Asunto-osakeyhtiöiden keinot yhtiölainoihin liittyvien riskien vähentämiseksi.” Edilex (2020): 22. FlygarePetri PaukkuEelis ”Asunto-osakeyhtiöiden keinot yhtiölainoihin liittyvien riskien vähentämiseksi.” Edilex 2020 22 Search in Google Scholar

Flygare, Petri. Asunto-Osakeyhtiöiden Velkaantuminen Suomessa. Master’s Thesis. University of Lapland: 2019. FlygarePetri Asunto-Osakeyhtiöiden Velkaantuminen Suomessa Master’s Thesis. University of Lapland 2019 Search in Google Scholar

Goodhart, C.A.E., and Hofmann, B. House Prices and the Macroeconomy: Implications for Banking and Price Stability. New York: Oxford University Press, 2007. GoodhartC.A.E. HofmannB. House Prices and the Macroeconomy: Implications for Banking and Price Stability New York Oxford University Press 2007 Search in Google Scholar

He, L., and Wen, X. “Population growth, interest rate, and housing tax in the transitional China.” Physica A: Statistical Mechanics and its Applications 469, no. C, (2017): 305–312. HeL. WenX. “Population growth, interest rate, and housing tax in the transitional China.” Physica A: Statistical Mechanics and its Applications 469 no. C, 2017 305 312 Search in Google Scholar

Jauhiainen, Jyrki, Timo A. Järvinen, and Tapio Nevala. Asuntoosakeyhtiölaki. Hämeenlinna: Kariston Kirjapaino Oy, 2010. JauhiainenJyrki JärvinenTimo A. NevalaTapio Asuntoosakeyhtiölaki Hämeenlinna Kariston Kirjapaino Oy 2010 Search in Google Scholar

Jones, C., White, M., and Dunse, N. Challenges of the Housing Economy: An International Perspective. Hoboken, N.J.: Wiley-Blackwell, 2012. JonesC. WhiteM. DunseN. Challenges of the Housing Economy: An International Perspective Hoboken, N.J. Wiley-Blackwell 2012 Search in Google Scholar

Jovanović, T., and Klun, M. (). “Tax Policy Assessment Challenges: The Case of the Slovenian Interest Tax Shield.” Journal of Corporate Accounting & Finance 28, no. 5, (2017): 27–40. JovanovićT. KlunM. (). “Tax Policy Assessment Challenges: The Case of the Slovenian Interest Tax Shield.” Journal of Corporate Accounting & Finance 28 5 2017 27 40 Search in Google Scholar

Kasso, M. (2014). Asunto- ja kiinteistöosakkeen kauppa ja omistaminen (2nd ed.). Helsinki: Talentum KassoM. 2014 Asunto- ja kiinteistöosakkeen kauppa ja omistaminen 2nd ed. Helsinki Talentum Search in Google Scholar

Kukkonen, M., and Walden, R. Elinkeinoverolaki käytännössä (3rd ed.). Helsinki: Talentum Pro, 2015. KukkonenM. WaldenR. Elinkeinoverolaki käytännössä 3rd ed. Helsinki Talentum Pro 2015 Search in Google Scholar

Marekwica, M., Schaefer, A., and Sebastian, S. “Life Cycle Asset Allocation in the Presence of Housing and Tax-Deferred Investing.” Journal of Economic Dynamics and Control 37, no. 6 (2013): 1,110–1,125. MarekwicaM. SchaeferA. SebastianS. “Life Cycle Asset Allocation in the Presence of Housing and Tax-Deferred Investing.” Journal of Economic Dynamics and Control 37 6 2013 1,110 1,125 Search in Google Scholar

Mishkin, F.S. “Is the Fisher Effect for Real?: A Reexamination of the Relationship between Inflation and Interest Rates.” Journal of Monetary Economics 30, no. 2 (1992), 195–215 MishkinF.S. “Is the Fisher Effect for Real?: A Reexamination of the Relationship between Inflation and Interest Rates.” Journal of Monetary Economics 30 2 1992 195 215 Search in Google Scholar

Norri, Matti, and Palsala, Arto. Uusi Asuntoyhtiö. Helsinki: Rakennustieto Oy, 1991. NorriMatti PalsalaArto Uusi Asuntoyhtiö Helsinki Rakennustieto Oy 1991 Search in Google Scholar

Norris, M., and Byrne, M. ”Housing Market (In)Stability and Social Rented Housing: Comparing Austria and Ireland during the Global Financial Crisis.” Journal of Housing and the Built Environment 33, no. 2 (2018: 227–245. NorrisM. ByrneM. ”Housing Market (In)Stability and Social Rented Housing: Comparing Austria and Ireland during the Global Financial Crisis.” Journal of Housing and the Built Environment 33 2 2018 227 245 Search in Google Scholar

Nurmi, Esko, Puro, Laura, and Lujanen, Martti. Kansan Osake. Helsinki: Suomen Kiinteistöliitto ry, 2017. NurmiEsko PuroLaura LujanenMartti Kansan Osake Helsinki Suomen Kiinteistöliitto ry 2017 Search in Google Scholar

Ossa, J. Tuloverolaki Käytännössä (1st ed.). Helsinki: Talentum Media, 2013. OssaJ. Tuloverolaki Käytännössä 1st ed. Helsinki Talentum Media 2013 Search in Google Scholar

Paukku, Eelis, and Flygare, Petri. ”Asunto-osakeyhtiön Velkaantuminen Sopimusverkkonäkökulmasta — Miten Eri Tahot Hyötyvät Velkaantumisesta?” Edilex, (2020): 4. PaukkuEelis FlygarePetri ”Asunto-osakeyhtiön Velkaantuminen Sopimusverkkonäkökulmasta — Miten Eri Tahot Hyötyvät Velkaantumisesta?” Edilex 2020 4 Search in Google Scholar

Paukku, Eelis. Majoitustoiminnan Tunnusmerkkien Ristivaikutukset Arvonlisäverotuksessa Ja Ympäristöoikeudessa. Verotus no. 4 (2020): 480–489 PaukkuEelis Majoitustoiminnan Tunnusmerkkien Ristivaikutukset Arvonlisäverotuksessa Ja Ympäristöoikeudessa Verotus 4 2020 480 489 Search in Google Scholar

Programme of Prime Minister Sanna Marin’s Government (10 December 2019). Inclusive and Competent Finland – A Socially, Economically and Ecologically Sustainable Society. Programme of Prime Minister Sanna Marin’s Government 10 December 2019 Inclusive and Competent Finland – A Socially, Economically and Ecologically Sustainable Society Search in Google Scholar

Ruonavaara, Hannu. (). How divergent housing institutions evolve: a comparison of swedish tenant cooperatives and finnish shareholders’ housing companies. Housing, Theory, and Society 22, no. 4 (2005): 213–236. RuonavaaraHannu (). How divergent housing institutions evolve: a comparison of swedish tenant cooperatives and finnish shareholders’ housing companies Housing, Theory, and Society 22 4 2005 213 236 Search in Google Scholar

Shoven, J.B., and Sialm, C. “Asset location in tax-deferred and conventional savings accounts.” Journal of Public Economics 88, no. 1–2, (2004): 23–38 ShovenJ.B. SialmC. “Asset location in tax-deferred and conventional savings accounts.” Journal of Public Economics 88 1–2 2004 23 38 Search in Google Scholar

Tilastokeskus. Suomen virallinen tilasto (SVT): Kuluttajahintaindeksi. Liitetaulukko 3. Elinkustannusindeksi 1951:10=100. Helsinki: Tilastokeskus [Accessed 16 August 8 2020]. (July 2020): http://www.stat.fi/til/khi/2020/07/khi_2020_07_2020-08-14_tau_003_fi.htm. Tilastokeskus Suomen virallinen tilasto (SVT): Kuluttajahintaindeksi Liitetaulukko 3. Elinkustannusindeksi 1951:10=100. Helsinki Tilastokeskus [Accessed 16 August 8 2020]. (July 2020): http://www.stat.fi/til/khi/2020/07/khi_2020_07_2020-08-14_tau_003_fi.htm. Search in Google Scholar

Tilastokeskus 11xg – Kuluttajahintaindeksi (2005=100), vuositiedot, 2005–2019. (2019): http://pxnet2.stat.fi/PXWeb/pxweb/fi/StatFin/StatFin__hin__khi__vv/statfin_khi_pxt_11xg.px/. Tilastokeskus 11xg – Kuluttajahintaindeksi (2005=100), vuositiedot, 2005–2019 2019 http://pxnet2.stat.fi/PXWeb/pxweb/fi/StatFin/StatFin__hin__khi__vv/statfin_khi_pxt_11xg.px/. Search in Google Scholar

Tomperi, S., Kehittyvä Kirjanpitotaito (17th ed.). Helsinki: Edita, 2019. TomperiS. Kehittyvä Kirjanpitotaito 17th ed. Helsinki Edita 2019 Search in Google Scholar

Treffers, S.R., and Lippert, R.K. “Condominium Self-Governance? Issues, External Interests, and the Limits of Statutory Reform.” Housing Studies 35, no. 6 (2020): 1,025–1,049. TreffersS.R. LippertR.K. “Condominium Self-Governance? Issues, External Interests, and the Limits of Statutory Reform.” Housing Studies 35 6 2020 1,025 1,049 Search in Google Scholar