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Assessing House Prices With Prudential And Valuation Measures
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Book Synopsis Assessing House Prices with Prudential and Valuation Measures by : Michal Andrle
Download or read book Assessing House Prices with Prudential and Valuation Measures written by Michal Andrle and published by International Monetary Fund. This book was released on 2019-03-18 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of households, together with their down payment, implies how much housing they can attain. In the intrinsic value approach, property value is viewed as a discounted present value of adjusted net rental income. Our approach does not involve a complex econometric model and only widely available data are used. The proposed indicators can guide households, financial markets and macroprudential authorities in their understanding of house prices development. To illustrate the concepts, we analyze the housing prices in the Czech Republic and assess the degree of market over-and undervaluation.
Book Synopsis Assessing House Prices with Prudential and Valuation Measures by : Michal Andrle
Download or read book Assessing House Prices with Prudential and Valuation Measures written by Michal Andrle and published by International Monetary Fund. This book was released on 2019-03-18 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of households, together with their down payment, implies how much housing they can attain. In the intrinsic value approach, property value is viewed as a discounted present value of adjusted net rental income. Our approach does not involve a complex econometric model and only widely available data are used. The proposed indicators can guide households, financial markets and macroprudential authorities in their understanding of house prices development. To illustrate the concepts, we analyze the housing prices in the Czech Republic and assess the degree of market over-and undervaluation.
Book Synopsis Assessing High House Prices by : Charles P. Himmelberg
Download or read book Assessing High House Prices written by Charles P. Himmelberg and published by . This book was released on 2005 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in recent years because house prices are theoretically more sensitive to interest rates when rates are already low, and more sensitive still in those cities where the long-run rate of house price growth is high. During the 1980s, our measures show that houses looked most overvalued in many of the same cities that subsequently experienced the largest house price declines. We find that from the trough of 1995 to 2004, the cost of owning rose somewhat relative to the cost of renting, but not, in most cities, to levels that made houses look overvalued"--National Bureau of Economic Research web site.
Book Synopsis Slovak Republic: Selected Issues by : International Monetary
Download or read book Slovak Republic: Selected Issues written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-21 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1513536087 Total Pages :79 pages Book Rating :4.5/5 (135 download)
Book Synopsis Australia by : International Monetary Fund. Asia and Pacific Dept
Download or read book Australia written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2020-03-05 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with Australia discusses that a continued gradual economic recovery is expected, subject to downside risks. Growth should continue to recover in 2020, but it will take time for the economy to return to potential and restore inflation to within the target range. Despite sound macroeconomic fundamentals and policy management, growth remains below potential and inflation is slightly below its target range. Growth is projected to recover gradually in the near term, supported by monetary policy easing, tax cuts, and the recovery of housing markets. Nonetheless, inflation is forecast to remain slightly below the target range until 2021 due to persistent economic slack. Downside risks, including a renewed escalation of the China–US tensions and weaker private consumption, remain elevated and have increased recently due to the widespread bushfires and the coronavirus outbreak. On the upside, looser financial conditions could re-accelerate asset-price inflation, boosting private consumption but also adding to medium-term vulnerabilities.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498319378 Total Pages :67 pages Book Rating :4.4/5 (983 download)
Book Synopsis Czech Republic by : International Monetary Fund. European Dept.
Download or read book Czech Republic written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-06-13 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is doing well, but supply constraints are biting. Growth has slowed as the economy has reached capacity limits, with very low unemployment even as participation has increased. Recent wage increases have been very strong, ahead of productivity. So far, inflation remains contained. The economy continues to run a current account surplus, even though domestic absorption has picked up. But the housing market is pressured, especially in metropolitan areas. Policies should balance risks of overheating against a faster-than-expected slowdown and aim to boost potential growth.
Book Synopsis The Handbook of Global Shadow Banking, Volume I by : Luc Nijs
Download or read book The Handbook of Global Shadow Banking, Volume I written by Luc Nijs and published by Springer Nature. This book was released on 2020-06-30 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt: This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
Book Synopsis Assessing China’s Residential Real Estate Market by : Ding Ding
Download or read book Assessing China’s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Download or read book Assessing House Prices written by and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: House price assessments relying on price indexes only have a number of limitations, especially if the available time series are short and series averages cannot be taken as reliable benchmarks. To address this issue, the present paper computes house prices in levels for 40 countries: all the EU countries and a number of other advanced and emerging economies. The baseline methodology makes use of information on the total value of dwellings in national accounts statistics and on total floor areas of existing dwelling stocks from census statistics. This top-down methodology simply consists of estimating the average house price per square metre dividing the total value of dwellings for the total floor area. For some countries, the information to carry out the baseline method is not available. In such cases, price level estimates are based on property advertisements on realtors' websites. A correction factor is applied to address the upward bias of prices asked by sellers as compared with transaction prices and improve cross-country comparability. House price level estimates make it possible to compute price to income (PTI) ratios yielding a clear interpretation: the average number of annual incomes needed to buy dwellings with a floor area of 100 m2. Using a signalling approach aimed at identifying PTI threshold that maximises the signal power in predicting downward price adjustments, it is found that a PTI close to 10 works as an across-the board rule of thumb for identifying potentially overvalued house prices. Moreover, when price levels are used in regression-based models to estimate fundamentals-based house price benchmarks, they allow us to exploit the cross-section variation in the data thereby providing additional insights compared with analogous benchmarks based on indexes.
Book Synopsis Guide to Aggregate House Price Measures by : Jordan Rappaport
Download or read book Guide to Aggregate House Price Measures written by Jordan Rappaport and published by . This book was released on 2007-09-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the U.S. has experienced wide swings in the growth rate of housing prices (HP). To understand the behavior of HP it is crucial to have an accurate measure of aggregate HP. However, it is difficult to develop such a measure. Analysts rely on 3 approaches to measure the aggregate price of housing. The 1st averages all observed HP, with no attempt to control for heterogeneity. The 2nd looks at repeat sales of the same property. The 3rd treats a house as a bundle of attributes, each with its own price that changes over time. Here is an overview of the 3 methodol. for pricing housing & a detailed guide to the major house price indices used by housing analysts. There is no one ¿best¿ measure of HP. Each of the 3 has advantages. Illus.
Book Synopsis The Measurement of House Prices by : Gregory Thwaites
Download or read book The Measurement of House Prices written by Gregory Thwaites and published by . This book was released on 2005 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices are an important consideration in assessing macroeconomic developments in the United Kingdom. But the special characteristics of housing - heterogeneity, infrequent sale and negotiated prices - give rise to important issues that complicate their measurement. There are several valid concepts of house prices - such as the average transaction price, the price of a typical house and the housing stock deflator - each of which is useful for a different purpose. Users must therefore be careful to match the measure they use with the concept of house prices they are interested in. Furthermore, all the available measures are volatile, so high-frequency changes in house price inflation should not be expected to persist.
Book Synopsis Fundamental Drivers of House Prices in Advanced Economies by : Ms.Nan Geng
Download or read book Fundamental Drivers of House Prices in Advanced Economies written by Ms.Nan Geng and published by International Monetary Fund. This book was released on 2018-07-13 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Book Synopsis Assessing China’s Residential Real Estate Market by : Ding Ding
Download or read book Assessing China’s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Book Synopsis Private Renting in the Advanced Economies by : Peter A. Kemp
Download or read book Private Renting in the Advanced Economies written by Peter A. Kemp and published by Policy Press. This book was released on 2023-10-18 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: The private rental housing market plays an important and growing role in the advanced economies. Providing accommodation for a wider range of households than before the global financial crisis, rental housing is also a key asset class for private individuals and companies, while the rise of Airbnb lettings has pushed up rents and reduced the number of homes available to residents. This edited collection by leading experts in the field analyses recent changes in the private rental market, using case studies from the UK, Europe, Australia and the USA, and assesses the initial impacts of the COVID-19 pandemic.
Book Synopsis Guyana: Housing Market and Implications for Macroprudential Policies by : Mr.Julian T Chow
Download or read book Guyana: Housing Market and Implications for Macroprudential Policies written by Mr.Julian T Chow and published by International Monetary Fund. This book was released on 2020-01-31 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guyana’s residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks’ housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks’ lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention.
Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund
Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
