An International Comparison Of Housing Investment And The Business Cycle
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An International Comparison Of Housing Investment And The Business Cycle
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Author : Paula Haslehurst
language : en
Publisher:
Release Date : 1996
An International Comparison Of Housing Investment And The Business Cycle written by Paula Haslehurst and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Real estate investment categories.
Global Housing Cycles
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Author : Ms.Deniz Igan
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Global Housing Cycles written by Ms.Deniz Igan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
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.
Building Cycles
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Author : Richard Barras
language : en
Publisher: John Wiley & Sons
Release Date : 2009-08-13
Building Cycles written by Richard Barras and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-13 with Business & Economics categories.
The global economic crisis of 2008 was precipitated by a housing market crash, thus highlighting the destabilizing influence of the property cycle upon the wider economy. This timely book by a world authority explores why cycles occur and how they affect the behaviour of real estate markets. The central argument put forward is that growth and instability are inextricably linked, and that building investment acts both as a key driver of growth and as the source of the most volatile cyclical fluctuations in an economy. The role of building cycles in both economic growth and urban development is explored through a theoretical review and a comparative historical analysis of UK and US national data stretching back to the start of the nineteenth century, together with a case study of the development of London since the start of the eighteenth century. A simulation model of the building cycle is presented and tested using data for the City of London office market. The analysis is then broadened to examine the operation of property cycles in global investment markets during the post-war period, focussing on their contribution to the diffusion of innovation, the accumulation of wealth and the propagation of market instability. Building Cycles: growth & instability concludes by synthesizing the main themes into a theoretical framework, which can guide our understanding of the operation and impact of building cycles on the modern economy. Postgraduate students on courses in property and in urban development as well as professional property researchers, urban economists and planners will find this a stimulating read – demanding but accessible.
Three Cycles
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Author : Alain N. Kabundi
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01
Three Cycles written by Alain N. Kabundi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-01 with Business & Economics categories.
We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.
Affordable Housing As A Profitable Impact Investment
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Author : Deepiga Vigneswaran
language : en
Publisher: Springer Nature
Release Date : 2022-08-26
Affordable Housing As A Profitable Impact Investment written by Deepiga Vigneswaran and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-26 with Business & Economics categories.
The challenges of affordable housing are manifold. However this presents an opportunity to private investors, real estate companies, and developers. With the growing global trend for impact-based investments, many institutional investors have begun to consider the merits of this asset class. This book examines not only the profitability of these assets, but also whether these assets rely on government subsidy. It discusses why investors have become more interested in this product and which investment criteria influence the financial performance of these assets. The authors employed a mixed method approach to collect data at two tiers, first through surveys and afterwards through interviews of 8 firms (3 publicly listed companies, 3 private equity companies, 1 foundation, and 1 state bank) across Germany, the United Kingdom, and the United States. Investment criteria are analyzed using inferential statistics, specifically the Hierarchical Algorithm Cluster Analysis. The financial characteristics of the companies are examined and compared using descriptive statistics and the qualitative interview output is explored using the thematic Latent Coding Analysis. Furthermore, the book explains how the bond-like nature of affordable housing is a profitable impact investment option, and how this strategy is particularly worthwhile for institutional investors. It also describes that profitability of affordable housing products is not dependent on subsidy. Still, affordable housing products supported by government incentives in the United Kingdom and United States are most attractive. The book illustrates six important investment strategies identified by veterans in this field to have an influence on the financial feasibility of affordable housing products.
How Long Do Housing Cycles Last A Duration Analysis For 19 Oecd Countries
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Author : Mr.Philippe Bracke
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-01
How Long Do Housing Cycles Last A Duration Analysis For 19 Oecd Countries written by Mr.Philippe Bracke and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-01 with Business & Economics categories.
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.
Housing Markets And Housing Institutions An International Comparison
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Author : Björn Hårsman
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Housing Markets And Housing Institutions An International Comparison written by Björn Hårsman and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
International comparisons of economic institutions and government poli cies are fraught with difficulties. After1he selective barriers of language and culture are overcome, differences in programs and outcomes are far more subtle than those that can be revealed by highly aggregated national data. Rela tively "soft" comparisons are the norm in international comparative research. This is particularly true in comparative analyses of housing and the operation of housing markets. Housing markets are local or regional in character, and the effects of government programs on market outcomes depend upon important economic characteristics of the local environment. Moreover, the institutions that influence the production, distribution, and consumption of housing differ enormously across nations. The distribution of housing and the role of the market in provision depend upon historical and social factors as well. Aggregate national data are unlikely to allow for much depth in comparisons across societies. Yet in the absence of such comparisons, the very visibility of housing may lead to inadequate or erroneous generalizations. Photographs emphasing the aesthetics of ''well planned" housing agglomorations or urban slums are compelling. Documen tation that middle-class households must wait in a queue for a decade to be housed is notably less graphic.
The Global Financial Crisis And Housing
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Author : Susan Wachter
language : en
Publisher: Edward Elgar Publishing
Release Date : 2014-02-28
The Global Financial Crisis And Housing written by Susan Wachter and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-28 with Business & Economics categories.
This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How
Econometric Analyses Of International Housing Markets
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Author : Rita Yi Man Li
language : en
Publisher: Routledge
Release Date : 2016-03-31
Econometric Analyses Of International Housing Markets written by Rita Yi Man Li and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-31 with Business & Economics categories.
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.
Das House Kapital
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Author : Volker Grossman
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-30
Das House Kapital written by Volker Grossman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-30 with Business & Economics categories.
There are, by now, several long term, time series data sets on important housing & macro variables, such as land prices, house prices, and the housing wealth-to-income ratio. However, an appropriate theory that can be employed to think about such data and associated research questions has been lacking. We present a new housing & macro model that is designed specifically to analyze the long term. As an illustrative application, we demonstrate that the calibrated model replicates, with remarkable accuracy, the historical evolution of housing wealth (relative to income) after World War II and suggests a further considerable increase in the future. The model also accounts for the close connection of house prices to land prices in the data. We also compare our framework to the canonical housing & macro model, typically employed to analyze business cycles, and highlight the main differences.