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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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Related research

Keywords: Developed countries; Emerging markets; Financial systems; Housing prices;

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References

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  1. Jarociński, Marek & Smets, Frank, 2008. "House Prices and the stance of Monetary Policy," Working Paper Series 0891, European Central Bank.
  2. Vladimir Klyuev, 2008. "What Goes Up Must Come Down? House Price Dynamics in the United States," IMF Working Papers 08/187, International Monetary Fund.
  3. 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.
  4. Mick Silver, 2012. "Why House Price Indexes Differ: Measurement and Analysis," IMF Working Papers 12/125, International Monetary Fund.
  5. Poterba, James M, 1992. "Taxation and Housing: Old Questions, New Answers," American Economic Review, American Economic Association, vol. 82(2), pages 237-42, May.
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Citations

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Cited by:
  1. Cesa-Bianchi, Ambrogio, 2013. "Housing cycles and macroeconomic fluctuations: A global perspective," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 215-238.
  2. Pau Rabanal & Christopher W. Crowe & Giovanni Dell'Ariccia & Deniz Igan, 2011. "How to Deal with Real Estate Booms: Lessons from Country Experiences," IMF Working Papers 11/91, International Monetary Fund.

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