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Commercial real estate and financial stability – new insights from the euro area credit register

Author

Listed:
  • Ryan, Ellen
  • Horan, Aoife
  • Jarmulska, Barbara

Abstract

This article examines links between Commercial Real Estate (CRE) markets and financial stability. The global financial crisis demonstrated the implications of CRE boom-bust cycles for the stability of many countries’ financial systems. However, CRE risk assessment and macroprudential policy frameworks remain in their infancy due to both the markets’ complexity and the persistence of data gaps. This article takes steps towards closing a number of data gaps by using euro area credit register data to examine the size and nature of links between euro area (EA) banks and CRE markets. Moreover, given that this dataset covers the COVID-19 pandemic crisis period, the operation of these transmission channels can be seen in action, providing insight into how economic theory plays out in practice. JEL Classification: G00, C55, R30

Suggested Citation

  • Ryan, Ellen & Horan, Aoife & Jarmulska, Barbara, 2022. "Commercial real estate and financial stability – new insights from the euro area credit register," Macroprudential Bulletin, European Central Bank, vol. 19.
    • Handle: RePEc:ecb:ecbmbu:2022:0019:4
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    File URL: https://www.ecb.europa.eu//pub/financial-stability/macroprudential-bulletin/html/ecb.mpbu202210_4~0aa7d44e15.en.html
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    Cited by:

    1. Horan, Aoife & Jarmulska, Barbara & Ryan, Ellen, 2023. "Asset prices, collateral and bank lending: the case of Covid-19 and real estate," Working Paper Series 2823, European Central Bank.

    More about this item

    Keywords

    Commercial Real Estate; Financial Stability; Micro-data;
    All these keywords.

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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