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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

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

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

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

Macroprudential Policy and the Role of Institutional Investors in Housing Markets

Muñoz, Manuel - 2020

Since the onset of the Global Financial Crisis, the presence of institutional investors in housing markets has steadily increased over time. Real estate funds (REIFs) and other housing investment firms leverage large-scale buy-to-rent investments in real estate assets that enable them to set...

Persistent link: https://www.econbiz.de/10012825848

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

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

An Alternative Method for Identifying Booms and Busts in the Euro Area Housing Market

Gerdesmeier, Dieter - 2015

The main aim of this paper is to apply a method based on fundamentals ─ which has already been applied in the stock market analysis ─ to detect boom/bust in the housing market, with a focus on the euro area. In this context, an underlying model is developed and tested. It turns out that the...

Persistent link: https://www.econbiz.de/10013036277

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

Business, Housing and Credit Cycles

Rünstler, Gerhard - 2016

We use multivariate unobserved components models to estimate trend and cyclical components in GDP, credit volumes and house prices for the U.S. and the five largest European economies. With the exception of Germany, we find large and long cycles in credit and house prices, which are highly...

Persistent link: https://www.econbiz.de/10012988605

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