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The Drivers Of Housing Cycles In Spain
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Book Synopsis The Drivers of Housing Cycles in Spain by : Oriol Aspachs-Bracons
Download or read book The Drivers of Housing Cycles in Spain written by Oriol Aspachs-Bracons and published by "la Caixa". This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a currency area, using data for Spain and the rest of the EMU to study the importance of those factors. We also examine the role of different rigidities and find that labor market frictions are crucial to explain main features of the data. On the other hand, financial frictions that impose a collateral constraint on borrowing do not appear to be relevant.
Download or read book IMF Working Papers written by Pau Rabanal and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How Long Do Housing Cycles Last? a Duration Analysis for 19 OECD Countries by : Mr.Philippe Bracke
Download or read book How Long Do Housing Cycles Last? a Duration Analysis for 19 OECD Countries written by Mr.Philippe Bracke and published by International Monetary Fund. This book was released on 2011-10-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the duration of house price upturns and downturns in the last 40 years for 19 OECD countries. I provide two sets of results, one pertaining to the average length and the other to the length distribution. On average, upturns are longer than downturns, but the difference disappears once the last house price boom is excluded. In terms of length distribution, upturns (but not downturns) are more likely to end as their duration increases. This duration dependence is consistent with a boom-bust view of house price dynamics, where booms represent departures from fundamentals that are increasingly difficult to sustain.
Book Synopsis The Effects of Housing Prices and Monetary Policy in a Currency Union by : Oriol Aspachs-Bracons
Download or read book The Effects of Housing Prices and Monetary Policy in a Currency Union written by Oriol Aspachs-Bracons and published by International Monetary Fund. This book was released on 2011-01-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU. We present evidence based on a VAR model, and we calibrate a New Keynesian model of a currency area with durable goods to explain it. We find that labor market rigidities provide stronger amplification effects to all type of shocks than financial frictions do. Finally, we show that when the central bank reacts to house prices, the non-durable sector suffers an important contraction. As a result, the boom-and-bust cycle would not have been avoided if Spain had remained outside the EMU during the 1996-2007 period.
Book Synopsis Housing Cycles in the Major Euro Area Countries by : Luis J. Álvarez
Download or read book Housing Cycles in the Major Euro Area Countries written by Luis J. Álvarez and published by . This book was released on 2015 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent burst of the house price bubble in the United States and its spillover effects on real economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree of comovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period.
Book Synopsis Housing Markets in Europe by : Olivier de Bandt
Download or read book Housing Markets in Europe written by Olivier de Bandt and published by Springer Science & Business Media. This book was released on 2010-10-14 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.
Book Synopsis Housing Cycles in the Major Euro Area Countries by :
Download or read book Housing Cycles in the Major Euro Area Countries written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent burst of the house price bubble in the United States and its spillover effects on real economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980Q1-2008Q4. Our main findings are that GDP cycles show a high degree of comovement across these four countries, reflecting trade linkages, but much weaker ones for housing market cycles, where idiosyncratic factors play a major role. House prices are even less related than quantities across countries. We also find much stronger relationships in the common monetary policy period. [Resumen de autor]
Book Synopsis Drivers Of Competitiveness by : Diego Comin
Download or read book Drivers Of Competitiveness written by Diego Comin and published by World Scientific Publishing Company. This book was released on 2016-03-08 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this day and age, technology has become ever more prominent and omnipresent in our lives. As technological developments emerge and become more ubiquitous, it becomes vital to understand and analyze the impact of technology on society.Drivers of Competitiveness focuses on technology and seeks to analyze its causes and consequences on productivity and competitiveness and to examine the dynamic relationships between the different factors in various contexts. Building on state-of-the-art research, the book illustrates the global, institutional and technological factors that shape the performance of business and countries.Unlike most existing books in the field, Drivers of Competitiveness is a self-contained case book ideal for classroom use. The cases in the book are brand new. All of them are written in the context of the global financial crisis, providing a new perspective on the crisis that sheds light on its effect on competitiveness and on the diversity of responses by companies and countries. The cases and the analytical framework that emerges from the book constitute an essential kit for current and future managers, policy-makers and observers of global dynamics.
Book Synopsis The Effects of Housing Prices and Monetary Policy in a Currency Union by : Oriol Aspachs
Download or read book The Effects of Housing Prices and Monetary Policy in a Currency Union written by Oriol Aspachs and published by . This book was released on 2009 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many developed countries have seen housing prices and residential investment soar in the last decade. This fact has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze these issues for the case of Spain, who has seen the interest rates at historical lows since it joined the EMU, and increasing housing demand pressures from immigration and the baby boom generation. First, we present evidence based on a VAR model that suggests that both monetary and demand shocks are behind Spain's housing boom. Second, we calibrate a New Keynesian dynamic general equilibrium model of a small open economy in a currency area with durable goods. We study the effects of a housing demand shock, a monetary policy shock and a risk premium shock in the model. This allows us to better understand the factors amplifying a housing boom, the role played by the ECB and the recessionary effects of a housing bust. Our results are as follows. First, the model confirms that a combination of these shocks is indeed behind Spain's housing boom. Second, labor market rigidities provide strong amplification effects to all type of shocks, while financial frictions play a secondary role. Third, monetary policy autonomy is of first order importance to cushion risk premium shocks, while this is not the case for housing demand shocks.
Book Synopsis Efficiency of Regulation on Spanish Housing Market by : Hana Hejlová
Download or read book Efficiency of Regulation on Spanish Housing Market written by Hana Hejlová and published by LAP Lambert Academic Publishing. This book was released on 2011-10 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covering reciprocal and mutually reinforcing relations between business, housing and credit cycles, the book assesses Spanish housing market in wider circumstances. The dynamic path of house prices is explained based on the difference in how structural components of the demand react on changes in financial and macroeconomic environment. As a result of controlling for match of demand and supply in both timely and spatial manner, expectations are included to explain the subsequent volume of housing traded on the market and microeconomic decision making model is derived to assess the role favourable incentives might have played in fuelling the house price cycle. Next, existence of reciprocal relations suggested by theory is confirmed empirically only during the house price upturn and asymmetry in speed of downward adjustment is found in the opposite case, pointing out at redistribution effect abrupt changes in house prices have in time. The results derived finally allow to assess possibilities of better employment of anti cyclical regulatory tools towards eliminating mutually enforcing powers between the cycles and avoiding both financial and macroeconomic imbalances in future.
Book Synopsis Impact of Securitization on House Price Dynamics in Spain by : Hana Hejlova
Download or read book Impact of Securitization on House Price Dynamics in Spain written by Hana Hejlova and published by GRIN Verlag. This book was released on 2015-12-17 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2014 in the subject Economics - Other, grade: A, Charles University in Prague (Institute of Eeconomic Studies), language: English, abstract: The thesis tries to explain different nature of the dynamics during the upward and downward part of the last house price cycle in Spain, characterized by important rigidities. Covered bonds are introduced as an instrument which may accelerate a house price boom, while it may also serve as a source of correction to overvalued house prices in downturn. In a serious economic stress, lack of investment opportunities motivates investors to buy the covered bonds due to the strong guarantees provided, which may in turn help to revitalize the credit and housing markets. To address such regime shift, house price dynamics is modelled within a framework of mutually related house price, credit and business cycles using smooth transition vector autoregressive model. Linear behaviour of such system is rejected, indicating the need to model house prices in a nonlinear framework. Also, importance of modelling house prices in the context of credit and business cycles is confirmed. Possible causality from issuance of covered bonds to house price dynamics was identified in this nonlinear structure. Finally, potential threat to financial stability resulting from rising asset encumbrance both in the upward and downward part of the house price cycle was identified, stressing the need to model impact of the covered bonds on house prices in a situation when Basel III liquidity requirements motivate towards use of this instrument.
Book Synopsis The Blackwell Companion to the Economics of Housing by : Susan J. Smith
Download or read book The Blackwell Companion to the Economics of Housing written by Susan J. Smith and published by John Wiley & Sons. This book was released on 2010-01-22 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Blackwell Companion to the Economics of Housing willhelp students and professionals alike to explore key elements ofthe housing economy: home prices, housing wealth, mortgage debt,and financial risk. Features 24 original essays, including an editorialintroduction and three section overviews Includes 39 world-class authors from a mix of educational andfinancial organizations in the UK, Europe, Australia, and NorthAmerica Broadly-based, scholarly, and accessible, serving students andprofessionals who wish to understand how today’s housingeconomy works Profiles the role and relevance of housing wealth; themismanagement of mortgage debt; and the pitfalls and potential ofhedging housing risk Key topics include: the housing price bubble and crash; thesubprime mortgage crisis in the US and its aftermath; the linksbetween housing wealth, the macroeconomy, and the welfare ofhome-occupiers; the mitigation of credit and housing investmentrisks Specific case studies help to illustrate concepts, along withnew data sets and analyses to illustrate empirical points
Book Synopsis Global Housing Cycles by : Ms.Deniz Igan
Download or read book Global Housing Cycles written by Ms.Deniz Igan and published by International Monetary Fund. This book was released on 2012-08-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Law, Economics and Finance of the Real Estate Market by : Rita Yi Man Li
Download or read book Law, Economics and Finance of the Real Estate Market written by Rita Yi Man Li and published by Springer Science & Business Media. This book was released on 2014-03-10 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The symbiosis between the law, economics and finance is evidenced in our daily lives. This book elucidates the relationship between these factors in Singapore and Hong Kong in direct and indirect real estate market. In Singapore, for example, there is an inseparable relationship between law, economics, finance and the HDB market. The book also showcases the concept of invitation to treat and offer, monetary compensation for environmental externalities under the lens of institutional economics. It also sheds light on the relationship between financial crisis, regulations, housing prices and indirect real estate market.
Book Synopsis Dynamics of Housing in East Asia by : Bertrand Renaud
Download or read book Dynamics of Housing in East Asia written by Bertrand Renaud and published by John Wiley & Sons. This book was released on 2016-04-18 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first to evaluate the organisation, behaviour and performance of six major East Asian real estate markets. It offers a unique analysis of the growth and transformation of the real estate sector across East Asia. The authors examine the interactions between volatility in the sector and the overall stability of the economy, in particular during the Asia financial crisis of 1997-98, and the global financial crisis of 2008-09. draws on the best available theoretical and empirical literature applies analytic tools in the context of East Asian institutions and policies helps understand factors affecting resilience and stability in East Asian real estate markets.
Book Synopsis Econometric Analyses of International Housing Markets by : Rita Yi Man Li
Download or read book Econometric Analyses of International Housing Markets written by Rita Yi Man Li and published by Routledge. This book was released on 2016-03-31 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.
Download or read book All Hands written by and published by . This book was released on 1964 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt:
