The economic and social importance of housing markets justifies, more than ever, rigorous analyses that show clearly the actual situation and the future trend of that sector. This paper aims to provide a preliminary estimate of the economic impact of the construction sector on the Spanish...

The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...

In the last fifteen years four crisis episodes occurred in the Turkish economy in April 1994, February 2001, May 2006 and October 2008. These local crises with minor effects on other countries led nevertheless to severe economic and social consequences in terms of increasing domestic interest...

This paper it proposes new economic indicators of investment in infrastructure and house

Housing construction has been fueled in recent years by a speculative process that has ended up generating an extraordinary oversupply. The aim of this study is to quantify the gap between supply and demand for housing in the Spanish economy between 1996 and 2007. Different estimates of the...

The following work is to estimate the theoretical demand for housing in Spain given the demographic trends and the preferences of investors between 2001 and 2008. The paper shows how much of the demand does not respond to demographic factors. The stock of unsold new houses is estimated and it is...

No one can ignore the importance of financial innovation in mortgage markets. A relevant issue is the choice of the amortization system. This article shows how the French amortization system has reduced the price of loans in the short term whereas price of loans has become more expensive in the...

We study the implications of property market transaction tax. As property buyers are obligated to pay a transaction tax (“stamp duty”, or SD) where the rate increases with the value of the transaction, there are incentives to trade at or just below the cutoff points of the tax schedule....

The housing market is special in that houses are immobile, costly and durable. In this paper we look at the determinants of prices of the housing market of Almaty. What affects the prices of houses and apartments? How was the housing market developing during the economic boom and after the...

This paper develops a theoretical model in which the matching framework à la Pissarides (2000) extended to the housing market is integrated with the hedonic price theory. Market tightness and selling price collectively determine the long-run equilibrium of the economic system in which a seller...