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How to better measure hedonic residential property price indexes
Silver, Mick S. - 2016
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i)...
Persistent link: https://www.econbiz.de/10011715547
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The Enforcement of Property Rights and Underdevelopment
Dabla-Norris, Era - 1999
This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model’s multiplicity of...
Persistent link: https://www.econbiz.de/10014400855
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Guyana : housing market and implications for macroprudential policies
Chow, Julian T. S. - 2020
discovery of oil in 2015. In line with the growing demand for housing, commercial banks' housing loans have increased, prompting …
Persistent link: https://www.econbiz.de/10012170146
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Do lenders make less-informed investments in high-growth housing markets?
Chen, Sophia; Ratnovski, Lev; Sun, Yangfan - 2021
Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when...
Persistent link: https://www.econbiz.de/10012612342
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Incomplete financial markets and the booming housing sector in China
Bayoumi, Tamim A.; Zhao, Yunhui - 2020
(encompassing both demand and supply channels) to highlight the impact of a 'slow-moving' structural vulnerability-financial market …
Persistent link: https://www.econbiz.de/10012485938
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Demographics and the housing market : Japan's disappearing cities
Hashimoto, Yūko; Hong, Gee Hee; Zhang, Xiaoxiao - 2020
How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the durability of housing structures, the decline in housing prices associated with...
Persistent link: https://www.econbiz.de/10012391942
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Non-primary home buyers, shadow banking, and the US housing market
Alter, Adrian; Dernaoui, Zaki - 2020
This paper studies the US housing market using a proprietary and comprehensive dataset covering nearly 90 million residential transactions over 1998-2018. First, we document the evolution of different types of investment purchases such as those conducted by short-term buyers, out-of-state...
Persistent link: https://www.econbiz.de/10012301958
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Foreign demand and local house prices : evidence from the US
Ari, Anil; Puy, Damien; Shi, Yu - 2020
We test whether foreign demand matters for local house prices in the US using an identification strategy based on the … proxy for a strong and exogenous shift in foreign demand, we show that house prices rise disproportionately more in … experienced the strongest foreign demand shocks and the biggest drop in affordability between 2000 and 2017. Our findings suggest …
Persistent link: https://www.econbiz.de/10012251285
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Stabilizing China's housing market
Koss, Richard A.; Shi, Xinrui - 2018
The sharp rise of house prices in China's Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China's unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist....
Persistent link: https://www.econbiz.de/10012252749
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Fundamental and speculative demands for housing
Lian, Weicheng - 2019
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 … structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a …
Persistent link: https://www.econbiz.de/10012009613