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The Impact of different Financial Intermediaries on Housing Market Cycles

Author

Listed:
  • Julia Braun
  • Hans-Peter Burghof
  • Julius Langer
  • Dag Einar Sommervoll

Abstract

Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed in an artificial economy. It is elaborated whether financial institutions are able to smooth housing market cycles and, therefore, increase stability using different mortgage granting policies.

Suggested Citation

  • Julia Braun & Hans-Peter Burghof & Julius Langer & Dag Einar Sommervoll, 2022. "The Impact of different Financial Intermediaries on Housing Market Cycles," ERES 2022_9, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_9
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    More about this item

    Keywords

    Heterogeneous agent-based model; Housing financing; Housing market cycles; Housing market stability;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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