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A Bird's Eye View of OECD Housing Markets

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  • Christophe André

    (OECD)

Abstract

Housing markets have played a prominent role in macroeconomic developments over recent years. For a great part of the 2000s, buoyant housing markets have contributed to sustained economic activity in most OECD countries. But many markets overheated and the collapse of the US subprime mortgage market has been at the epicentre of a deep financial and economic crisis. Against this background, this paper: i) documents housing market developments in 18 OECD countries since the 1970s, putting recent evolutions into historical perspective; ii) examines the drivers of supply and demand for housing; iii) investigates the interactions between housing markets and the wider economy; iv) assesses the responsibilities of housing taxation, monetary policy and financial supervision and regulation in fuelling or amplifying housing booms; v) explores the link between global imbalances and housing booms. Un survol des marchés immobiliers de l'OCDE Les marchés immobiliers ont joué un rôle important dans les évolutions macroéconomiques de ces dernières années. Durant une grande partie des années 2000, des marchés immobiliers dynamiques ont contribué à une activité économique soutenue dans la plupart des pays de l’OCDE. Mais de nombreux marchés se sont emballés et l’écroulement du marché hypothécaire « subprime » aux États-Unis a été à l’épicentre d’une profonde crise financière et économique. Dans ce contexte, ce document : i) analyse les évolutions des marchés immobiliers dans 18 pays de l’OCDE depuis les années 1970, replaçant les développements récents dans une perspective historique ; ii) examine les déterminants de l’offre et de la demande de logements ; iii) étudie les interactions entre les marchés immobiliers et l’économie dans son ensemble ; iv) évalue les responsabilités de la fiscalité du logement, de la politique monétaire, de la régulation et de la supervision financières dans l’alimentation ou l’amplification des « booms » immobiliers ; v) considère le lien entre déséquilibres mondiaux et envolées immobilières.

Suggested Citation

  • Christophe André, 2010. "A Bird's Eye View of OECD Housing Markets," OECD Economics Department Working Papers 746, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:746-en
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    File URL: http://dx.doi.org/10.1787/5kmlh5qvz1s4-en
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    Cited by:

    1. Caldera, Aida & Johansson, Åsa, 2013. "The price responsiveness of housing supply in OECD countries," Journal of Housing Economics, Elsevier, vol. 22(3), pages 231-249.
    2. repec:spo:wpecon:info:hdl:2441/7o52iohb7k6srk09mgl120sj7 is not listed on IDEAS
    3. Rangan Gupta & Christophe André & Luis Gil-Alana, 2015. "Comovement in Euro area housing prices: A fractional cointegration approach," Urban Studies, Urban Studies Journal Limited, vol. 52(16), pages 3123-3143, December.
    4. Krzysztof Olszewski & Robert Leszczyński, 2013. "Panel analysis of home prices in the primary and secondary market in 17 largest cities in Poland," Chapters from NBP Conference Publications, Narodowy Bank Polski, Economic Research Department.
    5. Xavier Timbeau, 2013. "Les bulles « robustes ». Pourquoi il faut construire des logements en région parisienne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 277-313.
    6. Christophe Andre & Rangan Gupta & John W. Muteba Mwamba, 2016. "Are Housing Price Cycles Asymmetric? Evidence from the US States and Metropolitan Areas," Working Papers 201635, University of Pretoria, Department of Economics.
    7. Bracke, Philippe, 2013. "How long do housing cycles last? A duration analysis for 19 OECD countries," Journal of Housing Economics, Elsevier, vol. 22(3), pages 213-230.
    8. Krzysztof Olszewski & Hanna Augustyniak & Jacek Laszek & Robert Leszczynski & Joanna Waszczuk, 2016. "On the dynamics of the primary housing market and the forecasting of house prices," IFC Bulletins chapters,in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41 Bank for International Settlements.
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    More about this item

    Keywords

    déséquilibres mondiaux; financial regulation; fiscalité; global imbalances; house prices; housing market; marché immobilier; marchés hypothécaires; monetary policy; mortgage markets; patrimoine; politique monétaire; prix des logements; régulation financière; saving; taxation; wealth; épargne;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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