House Prices And Macroprudential Policies Evidence From City Level Data In India
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House Prices And Macroprudential Policies Evidence From City Level Data In India
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Author : Bhupal Singh
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2020-12-18
House Prices And Macroprudential Policies Evidence From City Level Data In India written by Bhupal Singh 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 2020-12-18 with Business & Economics categories.
This paper examines the efficacy of macroprudential policies in addressing housing prices in a developing country while underscoring the importance of fundamental factors. The estimated models using city-level data for India suggest a strong influence of fundamental factors in driving housing prices. There is compelling evidence of the effectiveness of macroprudential tools viz., Loan-to-value (LTV) ratio, risk weights, and provisioning requirements, in influencing housing price movements. A granular analysis suggests an even stronger impact on housing prices of a change in the regulatory LTV ratio for large-sized vis-à-vis small-sized mortgages, which buttresses their potency in fighting house price speculations. A tightening of the risk weights on the housing assets of banks causes significant downward pressure on house prices. Similarly, regulatory changes in standard asset provisioning on housing loans also influence house prices.
Staff Guidance Note On Macroprudential Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-11
Staff Guidance Note On Macroprudential Policy written by International Monetary Fund 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 2014-06-11 with Business & Economics categories.
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
Heterogeneity In Households Expectations Of Housing Prices
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Author : Erik Hjalmarsson
language : en
Publisher:
Release Date : 2019
Heterogeneity In Households Expectations Of Housing Prices written by Erik Hjalmarsson 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.
Expectations about future housing prices are arguably an important determinant of actual housing prices, and an important input in decisions on whether and how to transact in the housing market. Using novel micro-level survey data on Swedish households, we analyse households' expectations of housing prices and how these expectations relate to the characteristics of the respondents. Results show that age is significantly related to housing-price expectations, with the youngest households - whose adulthood largely corresponds to the extended period of rapid housing-price growth in Sweden - having the highest housing-price expectations, thus lending support to the hypothesis that expectations are influenced by personal experiences. Our findings suggest that aggregate measures of expectations might hide important features of the data, which could be of interest to policy makers when choosing regulatory actions or formulating macroprudential policies.
Bubble Detective City Level Analysis Of House Price Cycles
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Author : Mr. Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-17
Bubble Detective City Level Analysis Of House Price Cycles written by Mr. Serhan Cevik 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 2023-02-17 with Business & Economics categories.
This paper investigates house price dynamics at high frequency using city-level observations during the period 1994-2022 in Lithuania. We employ multiple time series-based econometric procedures to examine whether real house prices and house price-to-rent ratios exhibit explosive behavior. According to these recursive right-tailed test results, we reject the null hypothesis of no-bubble and find evidence for long and multiple periods of explosive behavior in the real estate market in all major cities during the sample period. While the size of bubbles varies across cities, especially when we use the house price-to-rent ratio, there is clearly a similar boom-bust pattern. Large house price corrections can in turn have adverse effects on economic performance and financial stability, as experienced during the global financial crisis and other episodes in history.
Determinants Of House Prices In Nine Asia Pacific Economies
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Author : Eloisa T. Glindro
language : en
Publisher:
Release Date : 2008
Determinants Of House Prices In Nine Asia Pacific Economies written by Eloisa T. Glindro and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Housing categories.
Mapping China S Time Varying House Price Landscape
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Author : Michael Funke
language : en
Publisher:
Release Date : 2019
Mapping China S Time Varying House Price Landscape written by Michael Funke 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.
Effects Of Fiscal Policies On House Prices
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Author : David Stadelmann
language : en
Publisher: Nomos Verlagsgesellschaft
Release Date : 2010
Effects Of Fiscal Policies On House Prices written by David Stadelmann and has been published by Nomos Verlagsgesellschaft this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Fiscal policy categories.
Why is housing more expensive in some places than in others? What communal characteristics influence house prices? Do property price differentials between communities exist due to differences in local taxes and public services and, if so, do they persist over time? Do property prices reflect differences in communal debts and what are the consequences? These questions are analyzed and answered in this dissertation. They form part of the grand quest - in urban economics, local public finance, and economic geography - to understand the location decisions of people and the consequences of their choices. The subprime mortgage crisis in the US and the resulting financial turmoil have shown that information concerning the determinants of property values is of major importance for property owners, policy makers, mortgage banks, and other financial institutions. By analyzing the influence of fiscal policies and diverse communal factors on housing prices, this book contributes to enhancing the understanding of those communal characteristics that determine property values. Dissertation.
House Prices Credit Growth And Excess Volatility
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Author : Paolo Gelain
language : en
Publisher:
Release Date : 2016
House Prices Credit Growth And Excess Volatility written by Paolo Gelain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Progress on the question of whether policymakers should respond directly to financial variables requires a realistic economic model that captures the links between asset prices, credit expansion, and real economic activity. Standard DSGE models with fully-rational expectations have difficulty producing large swings in house prices and household debt that resemble the patterns observed in many industrial countries over the past decade. We show that the introduction of simple moving-average forecast rules for a subset of agents can significantly magnify the volatility and persistence of house prices and household debt relative to otherwise similar model with fully-rational expectations. We evaluate various policy actions that might be used to dampen the resulting excess volatility, including a direct response to house price growth or credit growth in the central bank's interest rate rule, the imposition of a more restrictive loan-to-value ratio, and the use of a modified collateral constraint that takes into account the borrower's wage income. Of these, we find that a debt-to-income type constraint is the most effective tool for dampening overall excess volatility in the model economy. While an interest-rate response to house price growth or credit growth can stabilize some economic variables, it can significantly magnify the volatility of others, particularly inflation.
Time Varying Role Of Macroeconomic Shocks On House Prices In The Us And Uk
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Author : Vasilios Plakandaras
language : en
Publisher:
Release Date : 2018
Time Varying Role Of Macroeconomic Shocks On House Prices In The Us And Uk written by Vasilios Plakandaras and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In this paper, we study the effect of macroeconomic shocks in the determination of house prices. Focusing on the U.S. and the U.K. housing market, we employ time-varying Vector Autoregression models using Bayesian methods covering the periods of 1830-2016 and 1845-2016 respectively. We consider real house prices, output growth, short-term interest rates and inflation as input variables in order to unveil the effect of macroeconomic shocks on house prices. From the examination of the impulse responses of house prices on macroeconomic shocks, we find that technology shocks dominate in the U.S. real estate market, while their effect is unimportant in the U.K. In contrast, monetary policy drives most of the evolution of the U.K. house prices, while transitory house supply shocks are unimportant in either country. These findings are further corroborated with the analysis of conditional volatilities and correlations to macroeconomic shocks. Overall, we are able to unveil the dynamic linkages in the relationship of the macro economy and house prices. Over time, we analyze the variations in economic events happening at the imposition of the shock and uncover characteristics missed in the time-invariant approaches of previous studies.
Housing Market In India
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Author : Charan Singh
language : en
Publisher:
Release Date : 2013
Housing Market In India written by Charan Singh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
India suffers from a chronic shortage of housing, estimated at 18.8 million units in 2012, mainly in urban areas as per the Government of India. The shortage was mainly on account of congestion (15 million) followed by obsolescence (2 million) and homelessness (1 million). This paper documents the characteristic and business practices prevailing in the Indian housing sector in comparison with US and Spanish housing sectors. The paper discusses the determinants of house prices, role of lending institutions and their policies, drivers of credit flow, credit sources, interest rate regimes, regulators and housing indices of Indian housing market with brief outline about the same for US and Spanish housing market. It also includes a comparative study of housing market parameters across these three countries. The findings suggest India has experienced rise in demand for housing since 2001, owing to increase in levels of income, younger earning age group, rapid urbanisation and nuclearisation of families. It also points towards existing incomplete information in Indian housing market in terms of lack of data base about mortgages, transparency in transactions, proper laws and robust indices. The government, and major regulatory institutions, NHB and RBI, are taking care to address these issues but substantial gaps continue to prevail in the housing sector. The study concludes that there is need to undertake extensive research, mainly at the state level, revisit the methodology of calculating shortage, build database on housing sector, examine the utilization of land in urban areas, and consider importing of housing material to meet housing shortage, preferably from countries like Spain and the US where housing markets are sluggish.