Housing Finance and Real-Estate Booms: A Cross-Country Perspective

Author/Editor:

Eugenio M Cerutti ; Jihad Dagher ; Giovanni Dell'Ariccia

Publication Date:

June 3, 2015

Electronic Access:

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Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.

Summary:

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.

Series:

Staff Discussion Notes No. 2015/012

Subject:

English

Publication Date:

June 3, 2015

ISBN/ISSN:

9781513571393/2617-6750

Stock No:

SDNEA201512

Pages:

35

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