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From Housing Cycles to Financial Crises

In: Housing Finance Systems

Author

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  • Sock-Yong Phang

    (Singapore Management University)

Abstract

Housing markets have always been cyclical with regular booms and busts. Similar to other assets, housing asset prices should equal the discounted stream of expected future housing returns in the long run. To the extent that actual and expected rents and components of the discount factor (in particular interest rates and capital gains) are affected by macroeconomic shocks, policy and sentiments, these shocks are reflected in house price changes.

Suggested Citation

  • Sock-Yong Phang, 2013. "From Housing Cycles to Financial Crises," Palgrave Macmillan Books, in: Housing Finance Systems, chapter 9, pages 111-124, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-01403-0_9
    DOI: 10.1057/9781137014030_9
    as

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