There is a broad literature about fundamental determinants of house prices, which received increasing attention in the aftermath of the subprime crisis. However, there might be several other partly unobservable socio-demographic, psychological or individual factors influencing real estate price...

The real estate sector is of particular interest from a central bank's perspective; due to its size, it directly and indirectly affects economic developments, financial stability and the monetary policy stance. The volume collects the papers by economists of the Bank of Italy and the discussions...

In this paper I estimate the impact of changes in real and financial wealth � proxied by house and stock market prices � on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent econometric techniques for heterogeneous...

Despite the extensive research in the field of housing economics, the role of some ‘fundamental’ economic variables, such as income, interest rates or stock of houses per capita, on the real price of housing is still not fully understood. In this paper we develop a dynamic general...

This working paper, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation by three approaches: using simple ratios related to house prices (price-to-income and price-to-rent), using time series analysis for the...

In this paper I estimate the impact of changes in real and financial wealth on private consumption for a panel of 17 emerging economies from Asia and Central and Eastern Europe. Households' consumption, income and the two measures of real and financial wealth – proxied by house and stock...

In this paper, I investigate the characteristics of house price dynamics for a sample of 16 emerging economies from Asia and Central and Eastern Europe, over the period 1995-2011. Linking housing valuations to a set of conventional fundamental determinants � relative to both the supply and...

A rendszerváltást megelőzően a lakosság elégedetlen volt a lakáspolitikával. Az utóbbi években mintha változott volna a visszamenőleges megítélés. A közvélemény sokkal elnézőbbé vált a korábbi gondokkal-bajokkal szemben, ugyanakkor intenzíven és fájdalmasan éli át az...

A magyar lakáspolitikában 2000 februárjában fordulat következett be. A kormány két lakásprogramot indított el: az egyik a lakáshitelezési rendszer megindítását célozta meg, a másik az önkormányzati bérlakásszektor teljes felszámolódását szerette volna meggátolni....

Tax benefits to owner-occupied housing provide incentives for housing consumption, offsetting weaker disincentives of the property tax. These benefits also help counter the penalty federal taxes impose on households who work in productive high-wage areas, but reinforce incentives to consume...