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

Author

Listed:
  • Mr. Eugenio M Cerutti
  • Jihad Dagher
  • Mr. 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

  • Mr. Eugenio M Cerutti & Jihad Dagher & Mr. Giovanni Dell'Ariccia, 2015. "Housing Finance and Real-Estate Booms: A Cross-Country Perspective," IMF Staff Discussion Notes 2015/012, International Monetary Fund.
    • Handle: RePEc:imf:imfsdn:2015/012
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    More about this item

    Keywords

    SDN; credit boom; boom; mortgage market; mortgage; Housing finance; real estate; macroprudential regulation; financial stability; credit booms; real-estate boom; housing finance characteristic; boom episode; house price; Housing prices; Mortgages; Housing; Credit; Global;
    All these keywords.

    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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