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The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis

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  • Ewald Walterskirchen

    (WIFO)

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    Abstract

    The bursting of the housing bubble in the USA was a key factor to propel the ensuing financial crisis. When real estate suffers a massive loss of value, banks are in greater trouble than when faced with a stock market crash because land is the main collateral for bank loans and home ownership is much more widespread than shareholdings. Historical studies have found a close link between real estate crises and financial crises. A collapse of real estate prices typically precedes a financial crisis by about a year.

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    File URL: http://www.wifo.ac.at/wwa/pubid/37845
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    Bibliographic Info

    Article provided by WIFO in its journal WIFO-Monatsberichte.

    Volume (Year): 82 (2009)
    Issue (Month): 12 (December)
    Pages: 943-950

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    Handle: RePEc:wfo:monber:y:2009:i:12:p:943-950

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    Related research

    Keywords: Finanzmarktkrise Immobilienpreise Preisblase;

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