{
  "title": "House Price Synchronicity, Banking Integration, and Global Financial Conditions",
  "publication": "IMF Working Papers, November 28, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/11/28/house-price-synchronicity-banking-integration-and-global-financial-conditions-46380",
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  "summary": "We examine the relationship between house price synchronicity and global financial conditions across 40 countries and about 70 cities over the past three decades. The role played by cross-border banking flows in residential property markets is examined as well.",
  "sections": [
    {
      "heading": "Scope and data",
      "content": "- Sample covers 40 countries and about 70 cities over the past three decades.\n- The study examines the role of cross-border banking flows in residential property markets."
    },
    {
      "heading": "Key findings",
      "content": "- Looser global financial conditions are associated with greater house price synchronicity, even after controlling for bilateral financial integration.\n- Synchronicity across major cities may differ from that of their respective countries, perhaps due to the influence of global investors on local house price dynamics.\n- Cross-border banking flows play a role in residential property market dynamics (role examined empirically)."
    },
    {
      "heading": "Policy-relevant conclusions",
      "content": "- Policy choices such as macroprudential tools appear relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.\n- Exchange rate flexibility appears relevant for mitigating the sensitivity of domestic housing markets to the rest of the world."
    },
    {
      "heading": "Thematic tags and research context",
      "content": "- Subjects: Asset and liability management; Business cycles; Economic growth; Exchange rate arrangements; Financial crises; Foreign exchange; Global financial crisis of 2008-2009; Housing prices; International liquidity; Prices.\n- Keywords (as listed): banking intergration; business cycles; cycle synchronicity; equity price return; Exchange rate arrangements; financial conditions; gap synchronicity; gaps of country; Global; Global financial crisis of 2008-2009; global liquidity; house price growth; house price synchronicity; house price synchronicity measure; Housing market; Housing prices; International liquidity; price gap synchronicity; synchronicity measure; WP.\n\nIMF Working Paper: \"House Price Synchronicity, Banking Integration, and Global Financial Conditions\" by Adrian Alter and Jane Dokko.\n\n---\n\n Content in this bundle\n\n- Wp18250\n  - Wp18250 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp18250 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/11/28/house-price-synchronicity-banking-integration-and-global-financial-conditions-46380"
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    "Authors: Adrian Alter, Jane Dokko",
    "Published: November 28, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484385692.001",
    "Sample covers 40 countries and about 70 cities over the past three decades.",
    "The study examines the role of cross-border banking flows in residential property markets.",
    "Looser global financial conditions are associated with greater house price synchronicity, even after controlling for bilateral financial integration.",
    "Synchronicity across major cities may differ from that of their respective countries, perhaps due to the influence of global investors on local house price dynamics.",
    "Cross-border banking flows play a role in residential property market dynamics (role examined empirically).",
    "Policy choices such as macroprudential tools appear relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.",
    "Exchange rate flexibility appears relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.",
    "Subjects: Asset and liability management; Business cycles; Economic growth; Exchange rate arrangements; Financial crises; Foreign exchange; Global financial crisis of 2008-2009; Housing prices; International liquidity; Prices.",
    "Keywords (as listed): banking intergration; business cycles; cycle synchronicity; equity price return; Exchange rate arrangements; financial conditions; gap synchronicity; gaps of country; Global; Global financial crisis of 2008-2009; global liquidity; house price growth; house price synchronicity; house price synchronicity measure; Housing market; Housing prices; International liquidity; price gap synchronicity; synchronicity measure; WP.",
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