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Housing Market Challenges in Europe and the United States – Any Solutions Available?

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  • Karin Wagner

    ()
    (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

On September 29, 2008, the Oesterreichische Nationalbank (OeNB) hosted a workshop entitled “Housing Market Challenges in Europe and the United States - any solutions available?” The workshop’s objective was to discuss the most recent developments in housing markets and housing finance. Housing prices have developed quite differently in Europe in the last decade. Austria, for example, has faced very moderate price increases compared with, for example, Spain, the U.K. or Central, Eastern and Southeastern Europe. Most economic studies claim that monetary policies exert a major influence on housing price developments, and thus transmission mechanisms are a focus of research. But additionally, different institutional features of housing finance as well as regulatory/fiscal arrangements play an important role in any explanation of house price developments. The first session addressed the recent crisis in the U.S. housing market and considered possible solutions. Session 2 offered an overview of developments in European housing markets and their macroeconomic implications, while session 3 dealt with micro data on housing wealth. Session 4 highlighted regulation and fiscal aspects. The last session was about statistics on housing markets. A panel discussion concluded the workshop.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2008/Monetary-Policy-and-the-Economy-Q4-08/chapters/mop_2008_q4_highlights_01_tcm16-97553.pdf
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Bibliographic Info

Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

Volume (Year): (2008)
Issue (Month): 4 ()
Pages: 124–134

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Handle: RePEc:onb:oenbmp:y:2008:i:4:b:7

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Related research

Keywords: housing markets; housing finance; financial crisis;

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Cited by:
  1. Elbeck, Matt, 2010. "Advancing the design of a dynamic petro-dollar currency basket," Energy Policy, Elsevier, Elsevier, vol. 38(4), pages 1938-1945, April.
  2. Marcel Fratzscher & Daniel Schneider & Ine Van Robays, 2013. "Oil Prices, Exchange Rates and Asset Prices," Discussion Papers of DIW Berlin 1302, DIW Berlin, German Institute for Economic Research.
  3. Thai-Ha LE & Youngho CHANG, 2011. "The Impact of Oil Price Fluctuations on Stock Markets in Developed and Emerging Economies," Economic Growth centre Working Paper Series, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre 1103, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
  4. Le, Thai-Ha & Chang, Youngho, 2011. "Dynamic relationships between the price of oil, gold and financial variables in Japan: a bounds testing approach," MPRA Paper 33030, University Library of Munich, Germany.
  5. Thai-Ha LE & Youngho CHANG, 2011. "Dynamics Between Strategic Commodities and Financial Variables," Economic Growth centre Working Paper Series, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre 1104, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
  6. Jan Hošek & Luboš Komárek & Martin Motl, 2011. "Monetary Policy and Price of Oil," Politická ekonomie, University of Economics, Prague, University of Economics, Prague, vol. 2011(1), pages 22-46.

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