France; Financial Sector Assessment Programâ€”Technical Note on Housing Prices and Financial Stability
This technical note examines housing prices and financial stability in France. The note highlights that sharply rising housing prices have caused concerns about mortgage credit risk and the stability of the financial system, particularly if the macroeconomic environment were to deteriorate further. Franceâ€™s housing market proved resilient during the crisis, declining by about 9 percent from its precrisis peak before rebounding since mid-2009 to surpass its precrisis peak. This resilience has reflected a confluence of fundamental, macroeconomic, financial, and asset allocation factors that have caused the demand for housing to remain well in excess of supply.
|Date of creation:||01 Jul 2013|
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marcelo Pinheiro & Deniz O Igan, 2009. "Exposure to Real Estate Losses; Evidence from the US Banks," IMF Working Papers 09/79, International Monetary Fund.
- Arrondel, L. & Savignac, F. & Tracol, K., 2011. "Wealth Effects on Consumption Plans: French Households in the Crisis," Working papers 344, Banque de France.
- Borgy, Vladimir & Clerc, Laurent & Renne, Jean-Paul, 2014. "Measuring aggregate risk: Can we robustly identify asset-price boom–bust cycles?," Journal of Banking & Finance, Elsevier, vol. 46(C), pages 132-150.
- Ferrara, L. & Koopman, S J., 2010. "Common business and housing market cycles in the Euro area from a multivariate decomposition," Working papers 275, Banque de France.
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