Housing Market Stability and Affordability in Asia-Pacific
Departmental Papers, December 14, 2022
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Bibliographic details
- Authors: Pragyan Deb, Harald Finger, Kenichiro Kashiwase, Yosuke Kido, Siddharth Kothari, Evan Papageorgiou, Henry Hoyle, Anne Oeking
- Published: December 14, 2022
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9798400203916.087
Summary
- The paper intends to highlight challenges in Asian housing markets linked to fast price rises especially in the advanced economies since COVID, and more broadly including many EMs in the period leading up to COVID.
- It aims to draw policy lessons on how to manage stability aspects through macroprudential and other policies and how to support affordability through structural policies and targeted government support.
Objectives and Scope
- Highlight challenges in Asian housing markets related to rapid price increases.
- Emphasize differences between advanced economies (fast price rises since COVID) and many EMs (price rises in the period leading up to COVID).
- Draw policy lessons for:
- Managing stability aspects through macroprudential and other policies.
- Supporting affordability through structural policies and targeted government support.
Key Themes and Topics
- Subject: Financial institutions, Financial sector policy and analysis, Housing, Housing prices, International organization, Macroprudential policy, Macroprudential policy instruments, Mortgages, National accounts, Political economy, Prices
- Keywords: Asia and Pacific, Asia Financial stability Fiscal policy Household debt Housing affordability Housing cycles Housing market Housing price at risk Macroprudential policy Monetary policy, Australia and New Zealand, Housing, housing market stability, housing markets in the Asia-Pacific region, Housing Price-at-Risk, Housing prices, housing--prices--Pacific area, Macroprudential policy, Macroprudential policy instruments, Mortgages, price misalignment
Findings, Analysis, and Recommendations (as framed by the paper)
- Focus on stability risks arising from fast housing price increases in parts of the Asia-Pacific region.
- Emphasize role of macroprudential policy instruments in managing housing-market-related financial stability risks.
- Recommend combining macroprudential measures with structural policies and targeted government support to address housing affordability.
Content in this bundle
- Housing Market Stability and Affordability in Asia-Pacific