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A Bird's Eye View of OECD Housing Markets

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  • Christophe André

Abstract

Housing markets have played a prominent role in macroeconomic developments over recent years. For a great part of the 2000s, buoyant housing markets have contributed to sustained economic activity in most OECD countries. But many markets overheated and the collapse of the US subprime mortgage market has been at the epicentre of a deep financial and economic crisis. Against this background, this paper: i) documents housing market developments in 18 OECD countries since the 1970s, putting recent evolutions into historical perspective; ii) examines the drivers of supply and demand for housing; iii) investigates the interactions between housing markets and the wider economy; iv) assesses the responsibilities of housing taxation, monetary policy and financial supervision and regulation in fuelling or amplifying housing booms; v) explores the link between global imbalances and housing booms. Un survol des marchés immobiliers de l'OCDE Les marchés immobiliers ont joué un rôle important dans les évolutions macroéconomiques de ces dernières années. Durant une grande partie des années 2000, des marchés immobiliers dynamiques ont contribué à une activité économique soutenue dans la plupart des pays de l’OCDE. Mais de nombreux marchés se sont emballés et l’écroulement du marché hypothécaire « subprime » aux États-Unis a été à l’épicentre d’une profonde crise financière et économique. Dans ce contexte, ce document : i) analyse les évolutions des marchés immobiliers dans 18 pays de l’OCDE depuis les années 1970, replaçant les développements récents dans une perspective historique ; ii) examine les déterminants de l’offre et de la demande de logements ; iii) étudie les interactions entre les marchés immobiliers et l’économie dans son ensemble ; iv) évalue les responsabilités de la fiscalité du logement, de la politique monétaire, de la régulation et de la supervision financières dans l’alimentation ou l’amplification des « booms » immobiliers ; v) considère le lien entre déséquilibres mondiaux et envolées immobilières.

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 746.

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Date of creation: 28 Jan 2010
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Handle: RePEc:oec:ecoaaa:746-en

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Keywords: monetary policy; financial regulation; taxation; wealth; saving; global imbalances; house prices; mortgage markets; housing market; marché immobilier; marchés hypothécaires; politique monétaire; fiscalité; épargne; prix des logements; déséquilibres mondiaux; patrimoine; régulation financière;

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Citations

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Cited by:
  1. Philippe Bracke, 2011. "How Long Do Housing Cycles Last? a Duration Analysis for 19 OECD Countries," IMF Working Papers 11/231, International Monetary Fund.
  2. Xavier Timbeau, 2013. "Les bulles 'robustes' : pourquoi il faut construire des logements en région parisienne," Sciences Po publications info:hdl:2441/7o52iohb7k6, Sciences Po.
  3. Kivedal, Bjørnar Karlsen, 2013. "Testing for rational bubbles in the US housing market," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 369-381.
  4. Barnebeck Andersen, Thomas & Malchow-Møller, Nikolaj & Nordvig, Jens, 2014. "Inflation-Targeting, Flexible Exchange Rates and Macroeconomic Performance since the Great Recession," CEPS Papers 9116, Centre for European Policy Studies.
  5. Christophe Andre & Luis A. Gil-Alana & Rangan Gupta, 2013. "Comovement in Euro Area Housing Prices: A Fractional Cointegration Approach," Working Papers 201359, University of Pretoria, Department of Economics.
  6. Sebastian Dellepiane & Niamh Hardiman & Jon Las Heras, 2013. "Building on easy money:The political economy of housing bubbles in Ireland and Spain," Working Papers 201318, Geary Institute, University College Dublin.
  7. Jörg Breitung & Sandra Eickmeier, 2014. "Analyzing business and financial cycles using multi-level factor models," CAMA Working Papers 2014-43, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
  8. Caldera, Aida & Johansson, Åsa, 2013. "The price responsiveness of housing supply in OECD countries," Journal of Housing Economics, Elsevier, vol. 22(3), pages 231-249.
  9. repec:spo:wpecon:info:hdl:2441/7o52iohb7k6srk09mgl120sj7 is not listed on IDEAS

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