Housing Finance and Real-Estate Booms: A Cross-Country Perspective
Staff Discussion Notes, June 3, 2015
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- Housing Finance and Real-Estate Booms: A Cross-Country Perspective
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Bibliographic details
- Authors: Eugenio M Cerutti, Jihad Dagher, Giovanni Dell'Ariccia
- Published: June 3, 2015
- Series: Staff Discussion Notes
- DOI: https://doi.org/10.5089/9781513571393.006
Summary
- The paper examines risks from real estate booms highlighted by the recent global crisis.
- It complements previous work by:
- Exploiting more disaggregated data on credit to dissociate between firm-credit and household (and in some cases mortgage) credit.
- Taking into account characteristics of the mortgage market, including institutional and other cross-country varying factors.
- The detailed cross-country analysis is presented as offering new valuable insights.
Key findings and emphases
- The analysis focuses on the interaction between housing finance developments and real-estate booms, emphasizing the differing roles of:
- Firm-credit versus household-credit versus mortgage credit.
- Mortgage-market characteristics and institutional differences across countries.
- The study contributes to the literature on sources and risks associated with housing and credit booms and their implications for financial stability.
Data and methodology highlights
- Uses more disaggregated credit data to separate credit types (firm-credit, household credit, mortgage credit in some cases).
- Incorporates cross-country variation in mortgage market characteristics and institutional factors to enhance comparative analysis.
Policy implications and areas for further debate
- The paper is positioned to inform discussion on:
- How mortgage-market design and institutional features shape the emergence and risks of housing and credit booms.
- The role of differentiated credit dynamics (firm vs. household vs. mortgage) in assessing boom-related vulnerabilities.
- Presented as eliciting comments and further debate rather than definitive IMF policy.
Content in this bundle
- _sdn1512 - Executive Summary