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Zur Finanzmarktkrise: Die Rolle der Immobilienbewertung

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  • Oliver Arentz

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  • Johann Eekhoff

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  • Christine Arentz

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    Abstract

    Finanzmarktkrisen entstehen häufig in Folge von Immobilienpreisblasen. In dieser Arbeit wird die Entstehung von Immobilienpreisblasen unter Berücksichtigung der spezifischen Eigenschaften von Immobilienmärkten sowie von Wechselwirkungen zwischen Immobilien- und Finanzmärkten untersucht und anhand der Finanzmarktkrisen in Japan Anfang der 1990er Jahre und in den USA in den letzten Jahren illustriert. Verschiedene Immobilienwertbegriffe und einfache Indikatoren zur frühzeitigen Erkennung von Immobilienpreisblasen sowie mögliche wirtschaftspolitische Schlussfolgerungen werden kritisch diskutiert.

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    File URL: http://www.iwp.uni-koeln.de/DE/Publikationen/dp/IWP_dp_01_2010.pdf
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    Bibliographic Info

    Paper provided by Institute for Economic Policy, Cologne, Germany in its series IWP Discussion Paper Series with number 01/2010.

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    Date of creation: Jan 2010
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    Handle: RePEc:kln:iwpdip:dp01/10

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    7. Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
    8. Robert Shiller, 2007. "Understanding Recent Trends in House Prices and Home Ownership," Yale School of Management Working Papers amz2557, Yale School of Management, revised 01 Nov 2007.
    9. D. Woo & Akihiro Kanaya, 2000. "The Japanese Banking Crisis of the 1990s - Sources and Lessons," IMF Working Papers 00/7, International Monetary Fund.
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