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Economic analysis of housing markets in developing and transition economies

In: Handbook of Regional and Urban Economics

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  • Malpezzi, Stephen

Abstract

The purpose of this chapter is to survey recent research on housing markets and policy in what used to be called the "second" and "third" worlds. We adopt the labels "transition" economies to refer to countries as disparate as Russia and Vietnam, and "developing" to refer to countries as disparate as Korea and Singapore (arguably now developed) and countries like Mozambique and Laos. It is therefore quite interesting that the bulk of the research surveyed finds that housing market behavior is remarkably similar from place to place. Institutions and constraints, particularly the amount of income available for housing and other goods and services certainly do vary dramatically from place to place. And the stakes of how well housing markets work vary from place to place. But these differences in institutions and constraints do not obscure regularities in behavior. The first major section, on housing markets (Section 2), examines property rights, supply, demand and tenure. Section 3 presents research on the related markets for land, finance and infrastructure. Housing policy is covered in Section 4, including housing subsidy systems, privatization, taxation and regulation. Section 5 concludes with a discussion of current issues and research.

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This chapter was published in:

  • P. C. Cheshire & E. S. Mills (ed.), 1999. "Handbook of Regional and Urban Economics," Handbook of Regional and Urban Economics, Elsevier, edition 1, volume 3, number 3.
    This item is provided by Elsevier in its series Handbook of Regional and Urban Economics with number 3-44.

    Handle: RePEc:eee:regchp:3-44

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    Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

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    Cited by:
    1. Buckley, Robert M. & Kalarickal, Jerry, 2004. "Shelter strategies for the urban poor : idiosyncratic and successful, but hardly mysterious," Policy Research Working Paper Series 3427, The World Bank.
    2. Juan Carmona Pidal & Markus Lampe & Joan R. Rosés, 2012. "Housing markets during the rural-urban transition : evidence from early 20th century Spain," Working Papers in Economic History wp12-10, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
    3. Koizumi, Naoru & McCann, Philip, 2006. "Living on a plot of land as a tenure choice: The case of Panama," Journal of Housing Economics, Elsevier, vol. 15(4), pages 349-371, December.
    4. Richard Arnott, 2008. "Housing policy in developing countries. The importance of the informal economy," Working Papers 200801, University of California at Riverside, Department of Economics, revised Jan 2008.
    5. Stephen Malpezzi, 2000. "Tales from the Real Side: The Implications of Urban Research for Real Estate Finance in Developing and Transition Economies," Wisconsin-Madison CULER working papers 01-02, University of Wisconsin Center for Urban Land Economic Research.
    6. Duranton, Gilles, 2008. "From Cities to Productivity and Growth in Developing Countries," CEPR Discussion Papers 6634, C.E.P.R. Discussion Papers.
    7. Malpezzi, Stephen & Maclennan, Duncan, 2001. "The Long-Run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom," Journal of Housing Economics, Elsevier, vol. 10(3), pages 278-306, September.
    8. Nan-Kuang Chen & Charles Leung, 2008. "Asset Price Spillover, Collateral and Crises: with an Application to Property Market Policy," The Journal of Real Estate Finance and Economics, Springer, vol. 37(4), pages 351-385, November.
    9. Juan Carmona Pidal & Markus Lampe & Joan R. Roses, 2011. "Spanish housing markets during the first phase of the rural-urban transition process," Working Papers in Economic History wp11-08, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
    10. Fontenla, Matas & Gonzalez, Fidel, 2009. "Housing demand in Mexico," Journal of Housing Economics, Elsevier, vol. 18(1), pages 1-12, March.

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