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Real Estate Market Developments and Financal Sector Soundness

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Author Info

  • Paul Louis Ceriel Hilbers
  • Lisbeth Zacho
  • Qin Lei
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    Abstract

    This paper analyses the characteristics and functioning of real estate markets. It focuses on the relationship between developments in these markets and the financial sector to determine under what circumstances real estate booms and busts can develop and how they can affect the health and stability of the financial system. It concludes that unbalanced real estate price developments often contribute to financial sector distress and that trends in real estate markets should be monitored closely in the context of financial sector assessments.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15352
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/129.

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    Length: 34
    Date of creation: 01 Sep 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/129

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    Postal: International Monetary Fund, Washington, DC USA
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    Related research

    Keywords: Financial sector; real estate; real estate prices; banking; real estate markets; banking sector; banking sector distress; real estate lending; real estate market; banking crisis; commercial property; real estate price; banking crises; commercial real estate; banking system; residential real estate; real estate companies; banking distress; real estate loans; real estate as collateral; bank for international settlements; real estate developments; bank soundness; construction costs; bank loans; real estate developers; banking systems; present value; land sales; real estate assets; capital base; financial strength; bank exposure; construction projects; mortgage loan; bank closures; construction contracts; bank safety nets; real estates; systemic banking crisis; bank assets; capital adequacy; real estate transactions; banking stability; credit risk management; loan classification; land prices; bank credit; bankruptcies; bank deposits; bank safety; discounted present value; bank runs;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
    2. Englund, P. & Ioannides, Y.M., 1996. "House Price Dynamics: An International Empirical Perspective," Papers 1996-01, Uppsala - Working Paper Series.
    3. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    4. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 98/19, International Monetary Fund.
    5. Marcus Miller & Pongsak Luangaram, 1998. "Financial crisis in East Asia: bank runs, asset bubbles and antidotes," National Institute Economic Review, National Institute of Economic and Social Research, vol. 165(1), pages 66-82, July.
    6. Palle S. Andersen & Neale Kennedy, 1994. "Household saving and real house prices: an international perspective," BIS Working Papers 20, Bank for International Settlements.
    7. Hossein Samiei & Garry J. Schinasi, 1994. "Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan," IMF Working Papers 94/12, International Monetary Fund.
    8. Christoph Duenwald, 2000. "Property Prices and Speculative Bubbles," IMF Working Papers 00/2, International Monetary Fund.
    9. Paul Louis Ceriel Hilbers & Alfredo Mario Leone & Mahinder Singh Gill & Owen Evens, 2000. "Macroprudential Indicators of Financial System Soundness," IMF Occasional Papers 192, International Monetary Fund.
    10. Allen, Franklin & Gale, Douglas, 2000. "Bubbles and Crises," Economic Journal, Royal Economic Society, vol. 110(460), pages 236-55, January.
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    Citations

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    Cited by:
    1. Gabriele Galati & Federica Teppa & Rob Alessie, 2013. "Heterogeneity in house price dynamics," DNB Working Papers 371, Netherlands Central Bank, Research Department.
    2. Eric Parrado H. / & Paulo Cox P. & Marcelo Fuenzalida C., 2009. "Evolution of Housing Prices in Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 12(1), pages 51-68, April.
    3. J.-P. Niinimäki, 2012. "Optimal Design of Bank Bailouts: The Case of Prompt Corrective Action," Finnish Economic Papers, Finnish Economic Association, vol. 25(1), pages 1-19, Spring.
    4. Andrés Sagner, 2009. "Determinantes del Precio de Viviendas en Chile," Working Papers Central Bank of Chile 549, Central Bank of Chile.

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