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Global Housing Cycles

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Author Info

  • Deniz Igan
  • Prakash Loungani

Abstract

Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/217.

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Length: 56
Date of creation: 01 Aug 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/217

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Keywords: Developed countries; Emerging markets; Financial systems; Housing prices; mortgage; real estate; housing markets; housing finance; foreclosure; mortgage markets; mortgage loans; mortgage interest; housing affordability; mortgage loan; mortgage debt; construction costs; mortgage credit; housing supply; property taxes; home price; mortgages; property values; real estate financing; home ownership; mortgage market; housing construction; housing finance agency; housing finance systems; mortgage interest rate; mortgage lending; residential mortgage; mortgage foreclosure; residential real estate; housing economics; home equity; real estate price; redevelopment; mortgage interest rates; foreclosure sale; mortgage lenders; variable rate mortgages; real estate loan; mortgage contracts; home owners; traditional mortgage; real estate finance; metropolitan housing markets; mortgage bank; residential mortgages; home owner; mortgaged property;

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References

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  1. Mick Silver, 2011. "House Price Indices: Does Measurement Matter?," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 12(3), pages 69-86, July.
  2. James M. Poterba, 1992. "Taxation and Housing: Old Questions, New Answers," NBER Working Papers 3963, National Bureau of Economic Research, Inc.
  3. Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
  4. Mick Silver, 2012. "Why House Price Indexes Differ," IMF Working Papers 12/125, International Monetary Fund.
  5. Marek Jarocinski & Frank R. Smets, 2008. "House prices and the stance of monetary policy," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 339-366.
  6. Vladimir Klyuev, 2008. "What Goes Up Must Come Down? House Price Dynamics in the United States," IMF Working Papers 08/187, International Monetary Fund.
  7. Veronica Cacdac Warnock & Francis E. Warnock, 2007. "Markets and Housing Finance," NBER Working Papers 13081, National Bureau of Economic Research, Inc.
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Cited by:
  1. Ambrogio Cesa-Bianchi, 2012. "Housing Cycles and Macroeconomic Fluctuations: A Global Perspective," IDB Publications 77379, Inter-American Development Bank.
  2. Crowe, Christopher & Dell’Ariccia, Giovanni & Igan, Deniz & Rabanal, Pau, 2013. "How to deal with real estate booms: Lessons from country experiences," Journal of Financial Stability, Elsevier, vol. 9(3), pages 300-319.

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