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Housing Finance and Real-Estate Booms; A Cross-Country Perspective

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  • Eugenio M Cerutti
  • Jihad Dagher
  • Giovanni Dell'Ariccia

Abstract

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.

Suggested Citation

  • Eugenio M Cerutti & Jihad Dagher & Giovanni Dell'Ariccia, 2015. "Housing Finance and Real-Estate Booms; A Cross-Country Perspective," IMF Staff Discussion Notes 15/12, International Monetary Fund.
  • Handle: RePEc:imf:imfsdn:15/12
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    References listed on IDEAS

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    More about this item

    Keywords

    Central banks and their policies; Credit booms; Financial stability; Housing finance; real estate; macroprudential regulation; mortgage; finance; credit; mortgage markets; General; Financial Markets and the Macroeconomy; Government Policy and Regulation;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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