The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Krzysztof Olszewski, 2012. "The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks," NBP Working Papers 132, Narodowy Bank Polski.
References listed on IDEAS
- Bradford Case & William Goetzmann & K. Rouwenhorst, 1999.
"Global Real Estate Markets: Cycles And Fundamentals,"
Yale School of Management Working Papers
ysm20, Yale School of Management, revised 01 Jan 2001.
- William N. Goetzmann & Bradford Case & K. Geert Rouwenhorst, 1999. "Global Real Estate Markets: Cycles And Fundamentals," Yale School of Management Working Papers ysm116, Yale School of Management.
- Bradford Case & William N. Goetzmann & K. Geert Rouwenhorst, 2000. "Global Real Estate Markets - Cycles and Fundamentals," NBER Working Papers 7566, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"Varieties of Crises and Their Dates,"
Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly,
Princeton University Press.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
- Reinhart, Carmen, 2009. "The Second Great Contraction," MPRA Paper 21485, University Library of Munich, Germany.
- Brzoza-Brzezina, Michał & Chmielewski, Tomasz & Niedźwiedzińska, Joanna, 2007.
"Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?,"
MPRA Paper
6759, University Library of Munich, Germany.
- Brzoza-Brzezina, Michał & Chmielewski, Tomasz & Niedźwiedzińska, Joanna, 2010. "Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?," Working Paper Series 1187, European Central Bank.
- Francesca Battaglia & Claudio Porzio & Gabriele Sampagnaro, 2010. "Reliability And Heterogeneity Of Real Estate Indexes And Their Impact On The Predictability Of Returns," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 1(2), pages 188-196.
- Sampagnaro, Gabriele & Battaglia, Francesca, 2010. "Reliability and Heterogeneity of Real Estate Indexes and their Impact on the Predictability of Returns," MPRA Paper 23378, University Library of Munich, Germany.
- Òscar Jordà & Moritz Schularick & Alan M. Taylor, 2011.
"When credit bites back: leverage, business cycles, and crises,"
Working Paper Series
2011-27, Federal Reserve Bank of San Francisco.
- Oscar Jorda & Moritz HP. Schularick & Alan M. Taylor, 2012. "When Credit Bites Back: Leverage, Business Cycles and Crises," Working Papers Series 20, Institute for New Economic Thinking.
- Oscar Jorda & Moritz Schularick & Alan Taylor, 2012. "When Credit Bites Back: Leverage, Business Cycles and Crises," Working Papers 172, University of California, Davis, Department of Economics.
- Taylor, Alan M. & Schularick, Moritz & Jordà , Òscar, 2011. "When Credit Bites Back: Leverage, Business Cycles, and Crises," CEPR Discussion Papers 8678, C.E.P.R. Discussion Papers.
- Òscar Jordà & Moritz HP. Schularick & Alan M. Taylor, 2011. "When Credit Bites Back: Leverage, Business Cycles, and Crises," NBER Working Papers 17621, National Bureau of Economic Research, Inc.
- Barrell, Ray & Davis, E. Philip & Karim, Dilruba & Liadze, Iana, 2010.
"Bank regulation, property prices and early warning systems for banking crises in OECD countries,"
Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2255-2264, September.
- Iana Liadze & Ray Barrell & Professor E. Philip Davis, 2009. "Bank regulation, property prices and early warning systems for banking crises in OECD countries," National Institute of Economic and Social Research (NIESR) Discussion Papers 330, National Institute of Economic and Social Research.
- Kelly, Morgan, 2010. "Whatever Happened to Ireland?," CEPR Discussion Papers 7811, C.E.P.R. Discussion Papers.
- Reinhart, Karmen & Rogoff, Kenneth, 2009.
""This time is different": panorama of eight centuries of financial crises,"
Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," NBER Working Papers 13882, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," CEMA Working Papers 595, China Economics and Management Academy, Central University of Finance and Economics.
- Neil Crosby & Cathy Hughes & John Murdoch, 2004. "Influences on secured lending property valuations in the UK," ERES eres2004_116, European Real Estate Society (ERES).
- Brian Bentick & Mervyn Lewis, 2003. "Real Estate Speculation as a Source of Banking and Currency Instability: Lessons from the Asian Crisis," Centre for International Economic Studies Working Papers 2003-18, University of Adelaide, Centre for International Economic Studies.
- Eric S. Rosengren & Joe Peek, 2000. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," American Economic Review, American Economic Association, vol. 90(1), pages 30-45, March.
- Davis, E. Philip & Zhu, Haibin, 2011.
"Bank lending and commercial property cycles: Some cross-country evidence,"
Journal of International Money and Finance, Elsevier, vol. 30(1), pages 1-21, February.
- E. Philip Davis & Haibin Zhu, 2004. "Bank lending and commercial property cycles: some cross-country evidence," BIS Working Papers 150, Bank for International Settlements.
- Glenn R. Mueller, 1999. "Real Estate Rental Growth Rates at Different Points in the Physical Market Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 131-150.
- John Whitley & Richard Windram, 2003. "A quantitative framework for commercial property and its relationship to the analysis of the financial stability of the corporate sector," Bank of England working papers 207, Bank of England.
- Jon Christensson & Kenneth Spong & Jim Wilkinson, 2011. "What can financial stability reports tell us about macroprudential supervision?," Research Working Paper RWP 11-15, Federal Reserve Bank of Kansas City.
- O'Gráda, Cormac & O'Rourke, Kevin Hjortshøj, 1994. "Irish Economic Growth, 1945-88," CEPR Discussion Papers 975, C.E.P.R. Discussion Papers.
- Frank Packer & Ryan Stever & Christian Upper, 2007. "The covered bond market," BIS Quarterly Review, Bank for International Settlements, September.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2014.
"This Time is Different: A Panoramic View of Eight Centuries of Financial Crises,"
Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," CEMA Working Papers 595, China Economics and Management Academy, Central University of Finance and Economics.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," NBER Working Papers 13882, National Bureau of Economic Research, Inc.
- White, William R., 2008. "Past financial crises, the current financial turmoil, and the need for a new macrofinancial stability framework," Journal of Financial Stability, Elsevier, vol. 4(4), pages 307-312, December.
- Claudio Borio & Ilhyock Shim, 2007. "What can (macro-)prudential policy do to support monetary policy?," BIS Working Papers 242, Bank for International Settlements.
- Englund, Peter, 1999. "The Swedish Banking Crisis: Roots and Consequences," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 15(3), pages 80-97, Autumn.
- Robert E. Litan, 1992. "Banks and real estate: regulating the unholy alliance," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 36, pages 187-229.
- Allen, Franklin & Rogoff, Kenneth, 2011. "Asset Prices, Financial Stability and Monetary Policy," Working Papers 11-39, University of Pennsylvania, Wharton School, Weiss Center.
- Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Neil Crosby & Cathy Hughes & John Murdoch, 2004.
"Influences on Secured Lending Property Valuations in the UK,"
Real Estate & Planning Working Papers
rep-wp2004-04, Henley Business School, University of Reading.
- Neil Crosby & Cathy Hughes & John Murdoch, 2004. "Influences on Secured Lending Property Valuations in the UK," Real Estate & Planning Working Papers rep-wp2004-14, Henley Business School, University of Reading.
- Charles L. Evans, 2011. "The International Financial Crisis: Asset Price Exuberance and Macroprudential Regulation," World Scientific Book Chapters, in: Asli Demirgüç-Kunt & Douglas D Evanoff & George G Kaufman (ed.), The International Financial Crisis Have the Rules of Finance Changed?, chapter 1, pages 3-13, World Scientific Publishing Co. Pte. Ltd..
- Allen, Franklin & Carletti, Elena, 2011. "What Should Central Banks Do about Real Estate Prices?," Working Papers 11-29, University of Pennsylvania, Wharton School, Weiss Center.
- Philip Lowe & Claudio Borio, 2002. "Asset prices, financial and monetary stability: exploring the nexus," BIS Working Papers 114, Bank for International Settlements.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- 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.
- Augustyniak, Hanna & Leszczyński, Robert & Łaszek, Jacek & Olszewski, Krzysztof & Waszczuk, Joanna, 2014. "On the dynamics of the primary housing market and the forecasting of house prices," MPRA Paper 61015, University Library of Munich, Germany.
- Robert Leszczynski & Krzysztof Olszewski, 2015. "Commercial property price index for Poland," Bank i Kredyt, Narodowy Bank Polski, vol. 46(6), pages 565-578.
- Hana Hejlova & Michal Hlavacek & Blanka Vackova, 2020. "Estimating Commercial Property Price Misalignment in the CEE Countries," Working Papers 2020/11, Czech National Bank.
- Martin Cesnak & Jan Klacso, 2021. "Assessing real estate prices in Slovakia - a structural approach," Working and Discussion Papers WP 3/2021, Research Department, National Bank of Slovakia.
- Patrick van Roy & Gaia Barbic & Anne Koban & Charalampos Kouratzoglou, 2017. "Use of credit registers to monitor financial stability risks: A cross-country application to sectoral risk," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data needs and Statistics compilation for macroprudential analysis, volume 46, Bank for International Settlements.
- Augustyniak, Hanna & Łaszek, Jacek & Olszewski, Krzysztof & Waszczuk, Joanna, 2012. "Cykle na rynku nieruchomości mieszkaniowych i komercyjnych, ryzyko dla inwestora oraz potrzeba adekwatnej i ostrożnej wyceny [Cycles on the housing and commercial real estate market, risks and the ," MPRA Paper 41070, University Library of Munich, Germany.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Krzysztof Olszewski, 2013.
"The Commercial Real Estate Market, Central Bank Monitoring and Macroprudential Policy,"
Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(2), pages 213-250, December.
- Krzysztof Olszewski, 2012. "The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks," NBP Working Papers 132, Narodowy Bank Polski.
- Crowe, Christopher & Dell’Ariccia, Giovanni & Igan, Deniz & Rabanal, Pau, 2013.
"How to deal with real estate booms: Lessons from country experiences,"
Journal of Financial Stability, Elsevier, vol. 9(3), pages 300-319.
- Mr. Pau Rabanal & Mr. Christopher W. Crowe & Mr. Giovanni Dell'Ariccia & Ms. Deniz O Igan, 2011. "How to Deal with Real Estate Booms: Lessons from Country Experiences," IMF Working Papers 2011/091, International Monetary Fund.
- Stijn Claessens & M. Ayhan Kose, 2013.
"Financial Crises: Explanations, Types and Implications,"
CAMA Working Papers
2013-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Claessens, Stijn & Kose, M. Ayhan, 2013. "Financial Crises: Explanations, Types, and Implications," CEPR Discussion Papers 9329, C.E.P.R. Discussion Papers.
- Mr. Stijn Claessens & Mr. Ayhan Kose, 2013. "Financial Crises Explanations, Types, and Implications," IMF Working Papers 2013/028, International Monetary Fund.
- San Martín Albizuri, Nerea & Rodríguez Castellanos, Arturo, 2008. "¿Reflejan los índices de riesgo país las variables relevantes en el desencadenamiento de las crisis externas? Un análisis sobre el periodo 1994-2001," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
- Borio Claudio, 2011. "Implementing a Macroprudential Framework: Blending Boldness and Realism," Capitalism and Society, De Gruyter, vol. 6(1), pages 1-25, August.
- Morais, Bernardo & Peydró, José-Luis & Roldán Peña, Jessica & Ruiz Ortega, Claudia, 2019.
"The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects,"
EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 74(1), pages 55-90.
- Bernardo Morais & José‐Luis Peydró & Jessica Roldán‐Peña & Claudia Ruiz‐Ortega, 2019. "The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach‐for‐Yield, and Real Effects," Journal of Finance, American Finance Association, vol. 74(1), pages 55-90, February.
- Bernardo Morais & José-Luis Peydró & Jessica Roldán-Peña & Claudia Ruiz-Ortega, 2015. "The international bank lending channel of monetary policy rates and QE: Credit supply, reach-for-yield, and real effects," Economics Working Papers 1656, Department of Economics and Business, Universitat Pompeu Fabra.
- Morais, Bernardo & Peydró, José-Luis & Roldán-Peña, Jessica & Ruiz-Ortega, Claudia, 2019. "The international bank lending channel of monetary policy rates and QE: Credit supply, reach-for-yield, and real effects," EconStor Preprints 216785, ZBW - Leibniz Information Centre for Economics.
- Bernardo Morais & José-Luis Peydró & Jessica Roldán-Peña & Claudia Ruiz-Ortega, 2018. "The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," Working Papers 1102, Barcelona School of Economics.
- Ruiz Claudia & Roldán-Peña Jessica & Peydró José-Luis & Morais Bernardo, 2017. "The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," Working Papers 2017-15, Banco de México.
- Bernardo Morais & José-Luis Peydró & Claudia Ruiz-Ortega, 2015. "The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects," International Finance Discussion Papers 1137, Board of Governors of the Federal Reserve System (U.S.).
- William R. White, 2013. "Is Monetary Policy a Science? The Interaction of Theory and Practice over the Last 50 Years," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 3, pages 73-116, SUERF - The European Money and Finance Forum.
- Gabriel Jiménez & Steven Ongena & José‐Luis Peydró & Jesús Saurina, 2014.
"Hazardous Times for Monetary Policy: What Do Twenty‐Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk‐Taking?,"
Econometrica, Econometric Society, vol. 82(2), pages 463-505, March.
- Jiménez, Gabriel & Ongena, Steven & Peydró, José-Luis & Saurina, Jesús, 2014. "Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 82(2), pages 463-505.
- Gabriel Jiménez & Steven Ongena & José Luis Peydró & Jesús Saurina, 2009. "Hazardous times for monetary policy: What do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking?," Working Papers 0833, Banco de España.
- John V. Duca & Lilit Popoyan & Susan M. Wachter, 2019.
"Real Estate And The Great Crisis: Lessons For Macroprudential Policy,"
Contemporary Economic Policy, Western Economic Association International, vol. 37(1), pages 121-137, January.
- John V. Duca & Lilit Popoyan & Susan M. Wachter, 2016. "Real Estate and the Great Crisis: Lessons for Macro-Prudential Policy," LEM Papers Series 2016/30, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Franklin Allen & Elena Carletti, 2013. "Systemic risk from real estate and macro-prudential regulation," International Journal of Banking, Accounting and Finance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 28-48.
- Krzysztof Czerkas, 2016. "The foreign currency mortgage loans in the Polish banking sector and its possible macroeconomic and political consequences," Lodz Economics Working Papers 8/2016, University of Lodz, Faculty of Economics and Sociology.
- Baxa, Jaromír & Horváth, Roman & Vašíček, Bořek, 2013.
"Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?,"
Journal of Financial Stability, Elsevier, vol. 9(1), pages 117-138.
- Roman Horvath & Jaromir Baxa & Borek Vasicek, 2011. "How Does Monetary Policy Respond to Financial Stress?," EcoMod2011 2769, EcoMod.
- Jaromir Baxa & Roman Horvath & Borek Vasicek, 2011. "Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?," Working Papers 2011/03, Czech National Bank.
- Jaromír Baxa & Roman Horváth & Borek Vasícek, 2011. "Monetary Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary," Working Papers wpdea1101, Department of Applied Economics at Universitat Autonoma of Barcelona.
- Morais,Bernardo & Peydró,José-Luis & Ruiz Ortega,Claudia, 2015. "The international bank lending channel of monetary policy rates and quantitative easing : credit supply, reach-for-yield, and real effects," Policy Research Working Paper Series 7216, The World Bank.
- David Aikman & Andrew G. Haldane & Benjamin D. Nelson, 2015. "Curbing the Credit Cycle," Economic Journal, Royal Economic Society, vol. 125(585), pages 1072-1109, June.
- Giovanni Dell'Ariccia, 2012. "Property Prices and Bank Risk-taking," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Frank Packer & Callan Windsor (ed.),Property Markets and Financial Stability, Reserve Bank of Australia.
- Mahir Binici & Aytül Ganioglu, 2021.
"Net external position, financial development, and banking crisis,"
Empirical Economics, Springer, vol. 61(3), pages 1225-1251, September.
- Aytul Ganioglu, 2018. "Net External Position, Financial Development, and Banking Crisis," Working Papers 1814, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Akaki Tsomaia, 2021. "Asset bubbles, financial sector, and current challenges to regulatory framework," International Economics and Economic Policy, Springer, vol. 18(4), pages 901-925, October.
- Goetz von Peter, 2004. "Asset Prices and Banking Distress: A Macroeconomic Approach," Finance 0411034, University Library of Munich, Germany.
- Davis, J. Scott & Mack, Adrienne & Phoa, Wesley & Vandenabeele, Anne, 2016.
"Credit booms, banking crises, and the current account,"
Journal of International Money and Finance, Elsevier, vol. 60(C), pages 360-377.
- Scott Davis & Adrienne Mack & Wesley Phoa & Anne Vandenabeele, 2014. "Credit Booms, Banking Crises, and the Current Account," Working Papers 292014, Hong Kong Institute for Monetary Research.
- J. Scott Davis & Adrienne Mack & Wesley Phoa & Anne Vandenabeele, 2014. "Credit booms, banking crises, and the current account," Globalization Institute Working Papers 178, Federal Reserve Bank of Dallas.
- Claudio Borio, 2011.
"Rediscovering the Macroeconomic Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward,"
Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 87-117, December.
- Claudio Borio, 2011. "Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward," BIS Working Papers 354, Bank for International Settlements.
More about this item
Keywords
Commercial Real Estate; macro-financial stability policy; banking sector; central banks;All these keywords.
JEL classification:
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- 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
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BAN-2012-09-16 (Banking)
- NEP-MAC-2012-09-16 (Macroeconomics)
- NEP-MON-2012-09-16 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:41059. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.