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Global Housing Cycles

Author/Editor: Igan, Deniz | Loungani, Prakash
Authorized for Distribution: August 1, 2012
Electronic Access: Free Full Text (PDF file size is 1,795KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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.
 
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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  
    Published:   August 1, 2012        
            Format:   Paper
    Stock No:   WPIEA2012217   Pages:   55
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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