‘Coordination of Monetary Policy and Macro prudential Policy’. Speech delivered to Credit Suisse Asian Investment Conference in Hong Kong. 7  Because investor’s mortgage interest payments are tax deductible and those of an owner occupier are not, investors face a lower cost of capital than owner occupiers.
Unemployment insurance schemes have been amended and early retirement incentives have  2  BIS Review 41/2005  been reduced. Take for instance Denmark and Sweden, where various reforms to improve work incentives and avoid labour supply constraints have been implemented. In Denmark, measures aimed at reducing taxes on labour income. In Sweden, reforms mainly targeted older workers, immigrants and younger workers.