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Real Estate Market Developments and Financal Sector Soundness

  • Paul Louis Ceriel Hilbers
  • Lisbeth Zacho
  • Qin Lei
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    This paper analyses the characteristics and functioning of real estate markets. It focuses on the relationship between developments in these markets and the financial sector to determine under what circumstances real estate booms and busts can develop and how they can affect the health and stability of the financial system. It concludes that unbalanced real estate price developments often contribute to financial sector distress and that trends in real estate markets should be monitored closely in the context of financial sector assessments.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15352
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/129.

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    Length: 34
    Date of creation: 01 Sep 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/129
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    1. Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
    2. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
    3. Marcus Miller & Pongsak Luangaram, 1998. "Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes," CSGR Working papers series 11/98, Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick.
    4. Englund, Peter & Ioannides, Yannis M., 1997. "House Price Dynamics: An International Empirical Perspective," Journal of Housing Economics, Elsevier, vol. 6(2), pages 119-136, June.
    5. Allen, Franklin & Gale, Douglas, 2000. "Bubbles and Crises," Economic Journal, Royal Economic Society, vol. 110(460), pages 236-55, January.
    6. Palle S. Andersen & Neale Kennedy, 1994. "Household saving and real house prices: an international perspective," BIS Working Papers 20, Bank for International Settlements.
    7. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 98/19, International Monetary Fund.
    8. Christoph Duenwald, 2000. "Property Prices and Speculative Bubbles; Evidence From Hong Kong SAR," IMF Working Papers 00/2, International Monetary Fund.
    9. Paul Louis Ceriel Hilbers & Alfredo Mario Leone & Mahinder Singh Gill & Owen Evens, 2000. "Macroprudential Indicators of Financial System Soundness," IMF Occasional Papers 192, International Monetary Fund.
    10. Hossein Samiei & Garry J. Schinasi, 1994. "Real Estate Price Inflation, Monetary Policy, and Expectations in the United States and Japan," IMF Working Papers 94/12, International Monetary Fund.
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