Homeowner-made Housing Price Bubbles - East Germany's Example -
AbstractThis paper argues that homeowners, if suffciently infuential, may attempt to manipulate housing prices. The paper presents an instance of, and sets out the political economy behind, one particular homeowner-made housing price bubble (in East Germany). Yet ultimately the paper suggests that homeowners may be responsible for housing price bubbles elsewhere, too. Namely, US homeowners may be the single driving force behind the latest US housing price boom that preceded the current real estate, and financial, crisis.
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Bibliographic InfoPaper provided by Department of International Economic Policy, University of Freiburg in its series Discussion Paper Series with number 11.
Length: 19 pages
Date of creation: Feb 2010
Date of revision: Feb 2010
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More information through EDIRC
Homeowner Majority; Rent Persistence; Ratchet Effect; Policy Reform;
Find related papers by JEL classification:
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
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- Olsen, Edgar O. & Barton, David M., 1983. "The benefits and costs of public housing in New York City," Journal of Public Economics, Elsevier, vol. 20(3), pages 299-332, April.
- Jennifer Hunt, 2006. "Staunching Emigration from East Germany: Age and the Determinants of Migration," Journal of the European Economic Association, MIT Press, vol. 4(5), pages 1014-1037, 09.
- Oswald Andrew J., 1996. "A Conjecture on the Explanation for High Unemployment in the Industrialized Nations : Part I," The Warwick Economics Research Paper Series (TWERPS) 475, University of Warwick, Department of Economics.
- Gerlinde Sinn & Hans-Werner Sinn, 1994. "Jumpstart: The Economic Unification of Germany," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691728, June.
- Thiess Büttner & Alexander Ebertz, 2007.
"Quality of Life in the Regions - Results for German Counties,"
Ifo Working Paper Series
Ifo Working Paper No. 49, Ifo Institute for Economic Research at the University of Munich.
- Thiess Buettner & Alexander Ebertz, 2009. "Quality of life in the regions: results for German Counties," The Annals of Regional Science, Springer, vol. 43(1), pages 89-112, March.
- Glaeser Edward L & Gyourko Joseph, 2008. "The Case against Housing Price Supports," The Economists' Voice, De Gruyter, vol. 5(6), pages 1-8, October.
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