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Persistent link: https://www.econbiz.de/10010389574
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine...
Persistent link: https://www.econbiz.de/10012009613
to speculative bubbles …
Persistent link: https://www.econbiz.de/10014399946
capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007 …
Persistent link: https://www.econbiz.de/10014402070
With the recent collapse of the asset price “bubble,” Japanese banks encountered significant pressure from both a sharp decline in the value of equity holdings and a marked increase in bad loans. In August 1992, the Government initiated measures that stabilized equity prices and assisted...
Persistent link: https://www.econbiz.de/10014396132
inflation, especially in the real estate market. While asset price bubbles were present in most Asian countries during the 1990s …
Persistent link: https://www.econbiz.de/10014400070
In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key...
Persistent link: https://www.econbiz.de/10014394297
Persistent link: https://www.econbiz.de/10011282764
the 2005-2014 period to analyze the relationship between property tax rates and house price volatility. We find that … property tax rates have a negative impact on house price volatility. The impact is causal, with increases in property tax rates … leading to a reduction in house price volatility. The results are robust to different measures of house price volatility …
Persistent link: https://www.econbiz.de/10011715556
In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries...
Persistent link: https://www.econbiz.de/10014411931