How far do China’s property prices need to drop in order to send the country into a recession? What does this question tell us about the way Bubble Economies work? In this paper, we develop a theory of Bubble Economics - non-linear and often "systemic" (in the mathematical sense of the word)...

In January 2013, entities of all the forms of ownership built 45,800 new apartments with the total floor space of 3.58m sq. meters or 114.7% as compared to January 2012. In January, individual developers commissioned 1,585m sq. meters of housing which is 6.2% more than in January 2012

In January-February 2015, 155,900 apartments were commissioned and their total floorspace of 12.3m sq. meters exceeded by 40.6% the result of January-February 2014. According to the data of the Rosreestr, in 2014 the volume of registered titles to land plots (6735253 registration certificates),...

In January-October 2014, entities of all the forms of ownership built 729,400 apartments with the total floorspace of 56.1m sq. m. which is equal to 123.7% on the respective period of 2013. Despite the macroeconomic situation, in 2014 in the country the ratio between the price of housing and...

As for 1 August 2016, since the turn of the year 521,600 apartments were built totaling to 37.2 mn sq. m, which constitutes 92.6% of the floor area commissioned during the same period of 2015. Decline in the volumes of commissioned housing in 2016 was owing, first of all, to a reduction of...

In Q1 2016, 224,000 flats were built totaling to 15.6 mn sq. m, which constitutes 84% of the floor space commissioned in Q1 2015. In Q1 2016, the volume of land mortgage loans extended to individuals exceeded by 52.8% the volume of land mortgage loans extended to individuals in Q1 2015 and its...

This chapter surveys the literature on the microstructure of housing markets. It considers one-sided search, random matching, and directed search models. It also examines the bargaining that takes place once a match has occurred, with the bargaining taking various forms, including two-party...

We use a model and show how inflation and mortgage loans based on nominal interest rates (NRMs), like FRMs, ARMs or IOs, are a source of instability for housing markets. NRMs allocate risk inappropriately and cause economic tensions due to the tilt effect (Lessard and Modigliani, 1975), the...

In January-October 2012, entities of all the forms of ownership built 476,500 apartments with the total floorspace of 40.1m sq. meters which amounts to 103.8% on the respective period of 2011. The ratio between the price of housing and households' income in 2012 points to the fact that housing...