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Asset Prices, Collateral and Bank Lending : The Case of COVID-19 and Real Estate
Horan, Aoife; Jarmulska, Barbara; Ryan, Ellen - 2023
Our paper uses credit registry data for the euro area to examine how the banking system transmits asset price shocks to credit via revaluation of collateral and subsequent lending decisions. Specifically we examine banks’ treatment of real estate collateral during the Covid-19 crisis. First we...
Persistent link: https://www.econbiz.de/10014354161
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Household Risk Management and Actual Mortgage Choice in the Euro Area
Ehrmann, Michael - 2014
Mortgages constitute the largest part of household debt. An essential choice when taking out a mortgage is between …-country study has analyzed what determines household demand for mortgage types, a task that this paper takes up using new data for … exercise to identify how the easing of monetary policy during the financial crisis affected mortgage holders. It shows that the …
Persistent link: https://www.econbiz.de/10013060536
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Housing Finance and Monetary Policy
Calza, Alessandro; Monacelli, Tommaso; Stracca, Livio - 2021
main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second … house prices is significantly stronger in those countries with larger flexibility/development of mortgage markets; third …, the transmission to consumption is stronger only in those countries where mortgage equity release is common and mortgage …
Persistent link: https://www.econbiz.de/10013316354
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Home, Safe Home : Cross-Country Monitoring Framework for Vulnerabilities in the Residential Real Estate Sector
Bengtsson, Elias - 2017
This paper proposes a framework for monitoring vulnerabilities related to the residential real estate sector in a cross-country context. The framework might be useful for complementing or cross-checking signals available from existing approaches. It takes into account three dimensions of real...
Persistent link: https://www.econbiz.de/10012948367
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News and Noise in the Housing Market
Gazzani, Andrea Giovanni - 2016
Housing prices are subject to boom and bust episodes with long-lasting deviation from fundamentals. By considering a present value housing price model under noisy information, I study the macroeconomic implications of movements in housing prices related (news) and not related (noise) to future...
Persistent link: https://www.econbiz.de/10012986653
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Leveraged Property Cycles
Jaccard, Ivan - 2021
This paper studies the effects of imperfect risk-sharing between lenders and borrowers on commercial property prices and leverage. The key friction is that agents use different discount rates to evaluate future flows. Eliminating this pecuniary externality generates large reductions in the...
Persistent link: https://www.econbiz.de/10013231956
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Booms and Busts in Housing Markets : Determinants and Implications
Agnello, Luca - 2009
term interest rates, local and global money and credit developments, and the incidence of mortgage market deregulation …
Persistent link: https://www.econbiz.de/10013158164
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Real Estate Markets and Macroprudential Policy in Europe
Hartmann, Philipp - 2015
Boom-bust cycles in real estate markets have been major factors in systemic financial crises and therefore need to be at the forefront of macroprudential policy. The geographically differentiated nature of real estate market fluctuations implies that these policies need to be granular across...
Persistent link: https://www.econbiz.de/10013020662
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Housing Market Dynamics : Any News?
Gomes, Sandra - 2015
This paper explores the link between agent expectations and housing market dynamics. We focus on shifts in the fundamental driving forces of the economy that are anticipated by rational forward-looking agents, i.e. news shocks. Using Bayesian methods and U.S. data, we find that...
Persistent link: https://www.econbiz.de/10013025023
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Pockets of Risk in European Housing Markets : Then and Now
Kelly, Jane - 2019
Using household survey data, we document evidence of a loosening of credit standards in Euro area countries that experienced a property price boom-and-bust cycle. Borrowers in these countries exhibited significantly higher loan-to-value (LTV) and loan-to-income (LTI) ratios in the run up to the...
Persistent link: https://www.econbiz.de/10012871079