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Housing market bubbles and business cycles in an agent-based credit economy

Erlingsson, Einar Jon; Cincotti, Silvano; Stefansson, Hlynur - 2013

In this paper the authors present an agent-based model of a credit network economy. The artificial economy includes different economic agents that interact using simple behavioral rules through various markets, i.e., the consumption goods market, the labor market, the credit market and the...

Persistent link: https://www.econbiz.de/10009751106

Housing market bubbles and business cycles in an agent-based credit economy

Erlingsson, Einar Jon; Teglio, Andrea; Cincotti, Silvano; … - 2014

This paper investigates the housing and mortgage markets by means of an agent-based macroeconomic model of a credit network economy. A set of computational experiments have been carried out in order to explore the effects of different households’ creditworthiness conditions required by banks...

Persistent link: https://www.econbiz.de/10010248859

Bubble Formation and Networks in Housing Markets

Shi, Shuping - 2018

This paper proposes a framework for analysing speculative bubbles in housing markets. The formation of bubbles is … autonomous bubbles, and the individual connectivity index identifying systematically important sub-markets. We illustrate our … Melbourne bubble network is an autonomous one, speculative bubbles in the Sydney market are highly interconnected, and show a …

Persistent link: https://www.econbiz.de/10012924880

Bubble Formation and Networks in Housing Markets

Shi, Shuping - 2018

Persistent link: https://www.econbiz.de/10012927111

Tobin Tax Policy, Housing Speculation, and Property Market Dynamics

Agarwal, Sumit; Chau, K.W; Hu, Maggie; Wan, Wayne Xinwei - 2022

Hong Kong introduced a Tobin property tax—the Special Stamp Duty (SSD) Policy—in 2010, which substantially increased the selling costs of short-term property holders. This study examines the effectiveness of this Tobin property tax in curbing speculation and cooling down the market. We find...

Persistent link: https://www.econbiz.de/10013322012

A Model-Free Test of Rational Bubbles : An Application to the US Housing Market

Basco, Sergi; Schäfer-i-Paradís, Maximilian - 2022

”bubbles”. In this paper, we provide a model-free test of rational bubbles and we apply it to the U.S. housing market. Based on …

Persistent link: https://www.econbiz.de/10013404365

Heterogeneous expectations, boom-bust housing cycles, and supply conditions : a nonlinear dynamics approach

Dieci, Roberto; Westerhoff, Frank H. - 2015

We combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive...

Persistent link: https://www.econbiz.de/10010517701

Internal and external determinants of housing price booms in Hong Kong, China

Taghizadeh-Hesary, Farhad; Yoshino, Naoyuki; Chiu, Alvin - 2019

Hong Kong, China's housing market witnessed dramatic appreciations recently, with the price index for private domestic housing units being 3 times higher than 10 years ago. This trend is supported by both internal and external factors, as illustrated in this paper. By providing a theoretical...

Persistent link: https://www.econbiz.de/10012007579

Housing affordability in Germany and its dynamics

Balz, Felix Florian - In: Prague economic papers : a bimonthly journal of … 34 (2025) 1, pp. 78-97

The study examines housing affordability in Germany from 2017 to 2023 in light of rising real estate prices and challenges in the housing market. It uses the Housing Affordability Index to identify trends and patterns and propose policy measures to tackle the problems. The results show regional...

Persistent link: https://www.econbiz.de/10015413424

Bank Failures, Capital Buffers, and Exposure to the Housing Market Bubble

Kara, Gazi - 2020

We empirically document that banks with greater exposure to high home price-to-income or price-to-rent ratio regions before the financial crisis of 2007--2009 have higher mortgage delinquency and charge-off rates and significantly higher probabilities of failure during the crisis even after...

Persistent link: https://www.econbiz.de/10012827818