Beschreibung:
<jats:p>Why do mortgage subsidies vary across countries? Until the 2000s, the U.S. and Germany provided large-scale subsidies for homeownership. Yet, their paths diverged when they faced deep economic crises at that time. While the U.S. doubled down on government support by quasi-nationalizing
its mortgage market, Germany retrenched homeowner subsidies. This article argues that growth regimes shape coalitional logics that explain these contrasting outcomes. In the U.S. demand-led regime, where housing is key to growth, a bipartisan coalition entrenched mortgage subsidies to stimulate
household credit and consumption. Germany's export-led regime, where housing is less central to growth, produced a broad-based coalition that retrenched homeowner subsidies to boost competitiveness. Detailed case studies contrast the quasi-nationalization of U.S. government-sponsored enterprises
(GSEs) with the retrenchment of the German "homeowner subsidy" (<jats:italic>Eigenheimzulage</jats:italic>).</jats:p>