Financial Constraints And House Prices

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Housing Wealth And Consumption

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Author : S. Borağan Aruoba
language : en
Publisher:
Release Date : 2022

Housing Wealth And Consumption written by S. Borağan Aruoba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.

Financial Constraints And House Prices

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Author : Heitor Almeida
language : en
Publisher:
Release Date : 2000

Financial Constraints And House Prices written by Heitor Almeida and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Cash flow categories.

Hot Property

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Author : Rob Nijskens
language : en
Publisher: Springer
Release Date : 2019-06-14

Hot Property written by Rob Nijskens and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-14 with Business & Economics categories.

This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

Challenges Of The Housing Economy

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Author : Colin Jones
language : en
Publisher: John Wiley & Sons
Release Date : 2012-03-05

Challenges Of The Housing Economy written by Colin Jones 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 2012-03-05 with Law categories.

This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices. Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers. At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing. This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies.

Predicting Downside Risks To House Prices And Macro Financial Stability

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Author : Andrea Deghi
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-17

Predicting Downside Risks To House Prices And Macro Financial Stability written by Andrea Deghi 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 2020-01-17 with Business & Economics categories.

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three years ahead. House-prices-at-risk help predict future growth at-risk and financial crises. We also investigate and propose policy solutions for preventing the identified risks. We find that overall, a tightening of macroprudential policy is the most effective at curbing downside risks to house prices, whereas a loosening of conventional monetary policy reduces downside risks only in advanced economies and only in the short-term.

House Prices And The Macroeconomy

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Author : Charles Goodhart
language : en
Publisher: Oxford University Press
Release Date : 2007

House Prices And The Macroeconomy written by Charles Goodhart and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.

House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.

The Macroeconomic Effects Of Housing Wealth Housing Finance And Limited Risk Sharing In General Equilibrium

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Author : Jack Favilukis
language : en
Publisher:
Release Date : 2010

The Macroeconomic Effects Of Housing Wealth Housing Finance And Limited Risk Sharing In General Equilibrium written by Jack Favilukis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Economics categories.

We study a two-sector general equilibrium model of housing and non-housing production where heterogenous households face limited opportunities to insure against aggregate and idiosyncratic risks. The model generates large variability in the national house price-rent ratio, both because it fluctuates endogenously with the state of the economy and because it rises in response to a relaxation of credit constraints and decline in housing transaction costs (financial market liberalization). These factors, together with a rise in foreign ownership of U.S. debt calibrated to match the actual increase over the period 2000-2006, generate an increase in the model price-rent ratio comparable to that observed in U.S. data over this period. The model also predicts a sharp decline in home prices starting in 2007, driven by the economic contraction and by a presumed reversal of the financial market liberalization. Fluctuations in the model's price-rent ratio are driven by changing risk premia, which fluctuate endogenously in response to cyclical shocks, the financial market liberalization, and its subsequent reversal. By contrast, we show that the inflow of foreign money into domestic bond markets plays a small role in driving home prices, despite its large depressing influence on interest rates. Finally, the model implies that procyclical increases in equilibrium price-rent ratios reflect rational expectations of lower future housing returns, not higher future rents -- National Bureau of Economic Research web site.

Assessing House Prices With Prudential And Valuation Measures

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Author : Michal Andrle
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-18

Assessing House Prices With Prudential And Valuation Measures written by Michal Andrle 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 2019-03-18 with Business & Economics categories.

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.

Safe As Houses

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Author : Neil Monnery
language : en
Publisher: London School of Economics and Political Science
Release Date : 2011

Safe As Houses written by Neil Monnery and has been published by London School of Economics and Political Science this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Housing categories.

There can be few everyday financial issues more important than the price of houses. Whether we own one and worry about its value or aspire to own one and are frustrated by their high prices, nobody can avoid the issue. In the UK, while prices have fluctuated during our lifetimes, overall they have risen steadily and sometimes spectacularly. The accepted wisdom is that houses are a safe and excellent investment for the long term. But are they really as good an investment as we believe? Might the future be different from the past? Are houses really so safe? This book looks at house prices over the long term in several countries -- including the UK, the US, France, Holland, Norway, Germany and Australia -- to find out what has happened to house prices and why. The author illustrates his findings with authoritative data on trends and provides intriguing details including a century-long index of UK house prices, an analysis of the value of the White House and a fascinating four-hundred-year story of houses in Amsterdam. - To what extent are we right to view our houses as an investment as well as a home? - If prices can rise for decades and then fall for more than a whole generation, then what does the future hold? - If prices rise further, will houses become unaffordable for many young people? How will that affect our society? - If they crash, will that endanger our banks once more? - Are politicians, policymakers and regulators prepared for the true range of possibilities? Anybody who owns a house, wants to own a house or follows the prices and economics of housing will find this book an accessible, fascinating and door-opening read. Neil Monnery studied at Oxford and Harvard Business School. He worked for many years at The Boston Consulting Group as a Director and Senior Vice President and is now active in business, investing and research.

Supply Constraints And Housing Prices

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Author : Saku Aura
language : de
Publisher:
Release Date : 2006

Supply Constraints And Housing Prices written by Saku Aura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Housing policy categories.