Residential Construction and Credit Market Imperfection
AbstractUsing the asset market equilibrium approach, the effects of Financial Regulations, Reform, Recovery, and Enforcement Act (1989), of the new housing selling time, and of the commercial paper-Treasury Bill spread, through the credit markets, on total and speculative single-family housing construction are investigated. A new speculative single-family housing starts series is developed for this analysis. The credit-market factors appear to affect both the cost of construction loans and the price elasticity of single-family housing construction. These effects are especially strong on speculative housing construction. Copyright 1999 by Kluwer Academic Publishers
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Bibliographic InfoArticle provided by Springer in its journal Journal of Real Estate Finance & Economics.
Volume (Year): 18 (1999)
Issue (Month): 1 (January)
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Web page: http://www.springerlink.com/link.asp?id=102945
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- Ball, Michael & Meen, Geoffrey & Nygaard, Christian, 2010. "Housing supply price elasticities revisited: Evidence from international, national, local and company data," Journal of Housing Economics, Elsevier, vol. 19(4), pages 255-268, December.
- (No last name available), Himanshu, 2013. "Poverty and Food Security in India," ADB Economics Working Paper Series 369, Asian Development Bank.
- Doling, John & Vandenberg, Paul & Tolentino, Jade, 2013. "Housing and Housing Finance—A Review of the Links to Economic Development and Poverty Reduction," ADB Economics Working Paper Series 362, Asian Development Bank.
- Debuque-Gonzales, Margarita, 2013. "Empirical Determinants and Patterns of Research and Development Investment in Asia," ADB Economics Working Paper Series 364, Asian Development Bank.
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