This paper seeks to explore how the relationships among interest rates, user cost of capital and housing price dynamics vary across countries with different mortgage financing arrangements and housing supply systems. The paper starts with a survey of the theoretical and empirical literature on...

This paper utilizes micro data to directly quantify the impact of mortgage underwriting criteria on individual homeownership propensities. To determine whether a family is constrained by these criteria, the optimal home purchase price is estimated. The results indicate that wealth and income...