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Author/Editor:
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Igan, Deniz ; Loungani, Prakash
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Publication Date:
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August 01, 2012
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Electronic Access:
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Free Full text
(PDF file size is 1,753KB).
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Adobe Acrobat Reader
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Housing cycles and their impact on the financial system and the macroeconomy have become
the center of attention following the global financial crisis. This paper documents the
characteristics of housing cycles in a large set of countries, and examines the determinants of
house price movements. Empirical analysis shows that house price dynamics are mostly
driven by income and demographics but fluctuations in these fundamentals and credit
conditions can create deviations from the implied equilibrium path. We conclude with a
discussion of the macroeconomic implications of house price corrections.
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Order a print copy
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Series:
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Working Paper No. 12/217
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Subject(s):
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Business cycles | Developed countries | Emerging markets | Financial systems | Housing | Housing prices
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Author's Keyword(s):
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Housing Cycles | Mortgage Markets |
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