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Incomplete financial markets and the booming housing sector in China

Bayoumi, Tamim A.; Zhao, Yunhui - 2020

incompleteness-on China's housing prices. The model implies that to eradicate the root causes of the rising housing price …

Persistent link: https://www.econbiz.de/10012485938

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 … infrastructure to help China withstand the impact of falling prices, should this occur …

Persistent link: https://www.econbiz.de/10012252749

The costs of macroprudential deleveraging in a liquidity trap

Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...

Persistent link: https://www.econbiz.de/10012251966

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...

Persistent link: https://www.econbiz.de/10009620961

Commercial real estate and macrofinancial stability during COVID-19

Deghi, Andrea; Mok, Junghwan; Tsuruga, Tomohiro - 2021

The COVID-19 pandemic crisis has severely shocked the commercial real estate (CRE) sector, which could have important implications for macro-financial stability going forward because of the large size of the sector and its strong interconnectedness with the real economy. Using a novel...

Persistent link: https://www.econbiz.de/10012796227

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

Real estate in the Netherlands : a taxonomy of risks and policy challenges

Geis, André; Luca, Oana - 2021

Soaring real estate prices and valuations despite the economic downturn brought by the pandemic have focussed the attention of Dutch policymakers on potential macro-financial and socio-economic implications. In this context, our paper reviews the salient features of Dutch commercial and...

Persistent link: https://www.econbiz.de/10012605499

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

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

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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