Housing Market Challenges in Europe and the United States – Any Solutions Available?
AbstractOn 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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Bibliographic InfoArticle provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.
Volume (Year): (2008)
Issue (Month): 4 ()
Postal: Oesterreichische Nationalbank, Documentation Management and Communications Services, Otto-Wagner Platz 3, A-1090 Vienna, Austria
Find related papers by JEL classification:
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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