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Homeowner-made Housing Price Bubbles - East Germany's Example -

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  • Kristof Dascher

    ()
    (Department of International Economic Policy, University of Freiburg)

Abstract

This 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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File URL: http://www.vwl.uni-freiburg.de/iwipol/REPEC/fre/wpaper/DP11_Dascher_Homeowner-made_Housing_Price_Bubbles.pdf
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Bibliographic Info

Paper provided by Department of International Economic Policy, University of Freiburg in its series Discussion Paper Series with number 11.

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Length: 19 pages
Date of creation: Feb 2010
Date of revision: Feb 2010
Handle: RePEc:fre:wpaper:11

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Related research

Keywords: Homeowner Majority; Rent Persistence; Ratchet Effect; Policy Reform;

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References

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  1. 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.
  2. 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.
  3. Gerlinde Sinn & Hans-Werner Sinn, 1994. "Jumpstart: The Economic Unification of Germany," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691728, December.
  4. Glaeser Edward L & Gyourko Joseph, 2008. "The Case against Housing Price Supports," The Economists' Voice, De Gruyter, vol. 5(6), pages 1-8, October.
  5. 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.
  6. 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.
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