Global Housing Cycles

 
Author/Editor: Igan, Deniz ; Loungani, Prakash
 
Publication Date: August 01, 2012
 
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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.
 
Series: Working Paper No. 12/217
Subject(s): Business cycles | Developed countries | Emerging markets | Financial systems | Housing | Housing prices

Author's Keyword(s): Housing Cycles | Mortgage Markets
 
English
Publication Date: August 01, 2012
Format: Paper
Stock No: WPIEA2012217 Pages: 55
Price:
US$18.00 (Academic Rate:
US$18.00 )
 
 
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