House Price Convergence In The Euro Zone
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House Price Convergence In The Euro Zone
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Author : William Miles
language : en
Publisher:
Release Date : 2019
House Price Convergence In The Euro Zone written by William Miles and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
For the European Central Bank to incorporate euro-wide housing into its policy decisions, it is helpful if home values across the currency union are convergent in the long run. We apply a probabilistic pair-wise approach to the question of whether home values converge across eight euro-zone housing markets. Contrary to previous studies, we find only marginal evidence that euro housing markets converge. Moreover, for what convergence there appears to be, there is no evidence that the adoption of the euro itself played a role in creating such convergence. Finally, Germany's housing sector is rarely found convergent with those of other countries. This is worrying as Germany is the dominant economy of the currency union.
House Prices And Monetary Policy In The Euro Area
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Author :
language : en
Publisher:
Release Date : 2017
House Prices And Monetary Policy In The Euro Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We use a Bayesian stochastic search variable selection structural VAR model to investigate the heterogeneous impact of housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area countries. A novel set of identification restrictions, which combines zero and sign restrictions, is proposed. By exploiting the cross-sectional dimension of our data, we explore the differences in the propagation channels of house prices and monetary policy and the challenges they pose in the process of real and nominal convergence in the Eurozone. Among the main results, we find a comparatively stronger housing wealth effect on consumption in Ireland and Spainches We provide new evidence in support of the financial accelerator hypothesis, showing that house prices play an important role in the availability of loans. A significant and highly heterogeneous effect of monetary policy on house price dynamics is also documented.
Bubbles In Real Estate
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Author : Daniel Gros
language : en
Publisher: CEPS
Release Date : 2006
Bubbles In Real Estate written by Daniel Gros and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Housing categories.
House Price Developments In Europe
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Author : Angana Banerji
language : en
Publisher: International Monetary Fund
Release Date : 2008-09-01
House Price Developments In Europe written by Angana Banerji 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 2008-09-01 with Business & Economics categories.
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
European Integration And Housing Policy
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Author : Mark Kleinman
language : en
Publisher: Routledge
Release Date : 2005-07-28
European Integration And Housing Policy written by Mark Kleinman and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-28 with Science categories.
Good mix of analytical chapters and descriptive case studies Authors are very well known in the field
Do House Price Developments Spill Over Across Euro Area Countries Evidence From A Global Var
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Author : Isabel Vansteenkiste
language : en
Publisher:
Release Date : 2009
Do House Price Developments Spill Over Across Euro Area Countries Evidence From A Global Var written by Isabel Vansteenkiste and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Measuring And Explaining House Price Developments
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Author : Paul de Vries
language : en
Publisher: IOS Press
Release Date : 2010
Measuring And Explaining House Price Developments written by Paul de Vries and has been published by IOS Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Political Science categories.
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
Euro Area Housing Markets
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Author :
language : en
Publisher:
Release Date : 2021
Euro Area Housing Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
The paper discusses the relevance of housing markets for macroeconomic developments from a euro area perspective, reviews trends in house prices and mortgage credit, and discusses policy approaches to prevent housing booms and deal with busts. After years of unsustainably strong house price growth in several Member States in a context of easing credit conditions, downward house price corrections took place after the 2008 financial crisis. A recovery in house prices started after 2013 under different conditions compared with the pre-financial crisis context. The house price recovery appeared to be driven to a greater extent by structural factors and to a lesser extent by buoyant household loans, as credit growth has been lagging behind house price growth in most countries. Prospects for house price growth after the COVID-19 outburst are clouded by uncertainty in light of the changing outlook when economic fundamentals and policy responses play in opposite directions. The current context is also different compared with the period before the global financial crisis because macro-prudential frameworks have been strengthened and macroprudential tools are increasingly used across the euro area. The effectiveness of policy tools needed to address risks linked to boom-bust dynamics in the real estate sector depends on their interaction, design and timely implementation. Policy composition and policy design also appear crucial in dealing with possible trade-offs among policy objectives, including between macro-financial stability and housing affordability.
Housing Markets In Europe
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Author : Olivier de Bandt
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-10-14
Housing Markets In Europe written by Olivier de Bandt 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 2010-10-14 with Business & Economics categories.
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.
Real Convergence Price Level Convergence And Inflation Differentials In Europe
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Author : Balázs Égert
language : en
Publisher:
Release Date : 2007
Real Convergence Price Level Convergence And Inflation Differentials In Europe written by Balázs Égert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Housing categories.