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Irrational Exuberance in the U.S. Housing Market
Crowe, Christopher W. - 2009
The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that may be less prone to speculative motives, and uncover a significant negative...
Persistent link: https://www.econbiz.de/10012677736
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Latin America : vulnerabilities under construction?
Cubeddu, Luis; Tovar, Camilo Ernesto; Tsounta, Evridiki - 2012
This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and … compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess … whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes …
Persistent link: https://www.econbiz.de/10009620961
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The Pricing-Out Phenomenon in the U.S. Housing Market
Beraldi, Francesco - 2023
equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower …
Persistent link: https://www.econbiz.de/10015059837
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Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability
Valderrama, Laura - 2023
Housing market developments are in the spotlight in Europe. Over-stretched valuations amid tightening financial conditions and a cost-of-living crisis have increased risks of a sustained downturn and exposed challenging trade-offs for macroprudential policy between ensuring financial system...
Persistent link: https://www.econbiz.de/10015059558
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Global housing cycles
Igan, Deniz; Loungani, Prakash - 2012
Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....
Persistent link: https://www.econbiz.de/10009621624
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Exposure to Real Estate Losses; Evidence from the US Banks
Pinheiro, Marcelo; Igan, Deniz - International Monetary Fund (IMF) - 2009
mortgage interest rate leads to a 20 percent decrease in a typical bank's distance to default. Finally, we look at the cross …
Persistent link: https://www.econbiz.de/10008541450
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How to Deal with Real Estate Booms; Lessons From Country Experiences
Rabanal, Pau; Crowe, Christopher W.; Dell'Ariccia, Giovanni - International Monetary Fund (IMF) - 2011
The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as...
Persistent link: https://www.econbiz.de/10009019603
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The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications
Beidas-Strom, Samya; Lian, Weicheng; Maseeh, Ashwaq - International Monetary Fund (IMF) - 2009
past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per …
Persistent link: https://www.econbiz.de/10008561070
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Macro-prudential policy in a Fisherian model of financial innovation
Bianchi, Javier; Boz, Emine; Mendoza, Enrique G. - 2012
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...
Persistent link: https://www.econbiz.de/10009620984
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Financial Innovation and Statistical Methodological Guidance-Key Considerations
Crowley, Joe - 2022
Financial risks outside of the traditional banking sector can quickly spread throughout financial systems and lead to disruptions in the real economy. A lack of adequately detailed financial sector statistics can obscure buildups of risks from policymakers and hinder their ability to effectively...
Persistent link: https://www.econbiz.de/10015060019