Housing Market Stability Mortgage Market Structure And Monetary Policy
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Housing Market Stability Mortgage Market Structure And Monetary Policy
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Author : Bing Zhu
language : en
Publisher:
Release Date : 2020
Housing Market Stability Mortgage Market Structure And Monetary Policy written by Bing Zhu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This paper investigates how monetary policy stance and mortgage market structure affect non-fundamental house price movements in eleven Euro area countries. Based on a three-stage approach, our empirical evidence suggests that a one-time monetary-easing shock can significantly trigger house price booms in Euro area countries with liberal mortgage markets. Such shocks can explain over 20% of the forecasting error variance of non-fundamental house price run-ups in Ireland and Spain. We find that, in countries with more regulated mortgage markets, monetary policy stance does not significantly affect non-fundamental house prices. Policymakers may wish to focus on limiting mortgage equity withdrawals and on monitoring loan-to-value ratios and tax policies in order to minimize the side effects of accommodative monetary policies on housing market stability for Euro area countries. We posit that this is especially true for peripheral countries, which are more likely to be subjected to overly loose monetary policy stances.
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
Housing And Mortgage Markets In Historical Perspective
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Author : Eugene N. White
language : en
Publisher: University of Chicago Press
Release Date : 2014-10-17
Housing And Mortgage Markets In Historical Perspective written by Eugene N. White and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-17 with Business & Economics categories.
The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.
Housing Market Challenges In Europe And The United States
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2009-11-18
Housing Market Challenges In Europe And The United States written by P. Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11-18 with Business & Economics categories.
Housing finance structures and Institutional and regulatory/fiscal aspects in housing have changed significantly in recent years. This book examines the development in housing markets in Europe and the US, and looks at ways to make housing more affordable and housing market developments more stable.
Housing Market Stability And Affordability In Asia Pacific
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Author : Mr. Pragyan Deb
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-14
Housing Market Stability And Affordability In Asia Pacific written by Mr. Pragyan Deb 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 2022-12-14 with Business & Economics categories.
The paper intends to highlight challenges in Asian housing markets linked to fast price rises especially in the advanced economies since COVID, and more broadly including many EMs in the period leading up to COVID. It aims to draw policy lessons on how to manage stability aspects through macroprudential and other policies and how to support affordability through structural policies and targeted government support.
Stabilizing China S Housing Market
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Author : Richard Koss
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Stabilizing China S Housing Market written by Richard Koss 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 2018-04-13 with Business & Economics categories.
The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Housing And The Monetary Transmission Mechanism
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Author : Frederic S. Mishkin
language : en
Publisher:
Release Date : 2007
Housing And The Monetary Transmission Mechanism written by Frederic S. Mishkin 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.
The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy. I begin with a theoretical and empirical review of the main housing-related channels of the transmission mechanism. These channels include the ways interest rates directly influence the user cost of housing capital, expectations of future house-price movements, and housing supply; and indirectly influence the real economy through standard wealth effects from house prices, balance sheet, credit-channel effects on consumer spending, and balance sheet, credit-channel effects on housing demand. I then consider the interaction of financial stability with the monetary transmission mechanism, and discuss the ways in which the housing sector might be a source of financial instability, and whether such instability could affect the ability of a central bank to stabilize the overall macroeconomy. I conclude with a discussion of two key policy issues. First, how can monetary policy makers deal with the uncertainty with regard to housing-related monetary transmission mechanisms? And second, how can monetary policy best respond to fluctuations in asset prices, especially house prices, and to possible asset-price bubbles?
Fixing The Housing Market
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Author : Franklin Allen
language : en
Publisher: Pearson Prentice Hall
Release Date : 2012
Fixing The Housing Market written by Franklin Allen and has been published by Pearson Prentice Hall this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.
The Postwar Canadian Housing And Residential Mortgage Markets And The Role Of Government
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Author : Lawrence Berk Smith
language : en
Publisher:
Release Date : 1974
The Postwar Canadian Housing And Residential Mortgage Markets And The Role Of Government written by Lawrence Berk Smith and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974 with History categories.
This study describes the organization and operation of the postwar Canadian housing and residential mortgage markets and investigates the role of and scope for government policy in these markets. There are three main sections. The first investigates the behavious of the housing market and structural relationships within it, and quatifies these relationships through the development of an econometric model. The single and multiple dwelling sectors are analysed separately, and considerable attention is paid to the factors affecting both housing demand and supply. The housing model is then used to explain the long-run and cyclical variations in residential construction activity on a period-by-period basis. The residential mortgage market is examined in the second section. The main participants are described and their mortgage investment behavious is analysed in terms of both their portfolio investment decisions and their net inflows of funds. The factors influencing the supply of mortgage credit are integrated with demand factors to explain the determination of mortgage rates, and simulations are conducted to indicate the interest sensitivity of mortgage flows for the major lending institutions. The third section forcuses upon government oplicy in the housing and mortgage markets using the models previously developed. The major government programs are analysed, and simulation experiments run to quantify their effects. The book concludes with a discussion of the trade-off between policies directed towards housing objectives and those directed toward general economic stability. This work should be helpful to students of Canadian housing and mortgage markets and to economists who are interested in more than cursory knowledge of the area. Policy-makers should also find it useful because it provides an in-depth analysis of past housing and mortgage market policy, and describes the framework and market structure within which future policies will operate.
The Housing Supply Channel Of Monetary Policy
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Author : Bruno Albuquerque
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-02
The Housing Supply Channel Of Monetary Policy written by Bruno Albuquerque 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 2024-02-02 with Business & Economics categories.
We study the role of regional housing markets in the transmission of US monetary policy. Using a FAVAR model over 1999q1–2019q4, we find sizeable heterogeneity in the responses of US states to a contractionary monetary policy shock. Part of this regional variation is due to differences in housing supply elasticities, household debt overhang, and housing wealth (volatility). Our analysis indicates that house prices and consumption respond more in supply-inelastic states and in states with large household debt imbalances, where negative housing wealth effects bite more strongly and borrowing constraints become more binding. Moreover, financial stability risks increase sharply in these areas as mortgage delinquencies and foreclosures surge, worsening banks’ balance sheets. Finally, monetary policy may have a stronger effect on housing tenure decisions in supply-inelastic states, where the homeownership rate and price-to-rent ratios decline by more. Our findings stress the importance of regional housing supply conditions in assessing the macrofinancial effects of rising interest rates.