Interest Rate Elasticity Of Residential Housing Prices
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Interest Rate Elasticity Of Residential Housing Prices
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Author : Mr.Martin Cihak
language : en
Publisher: International Monetary Fund
Release Date : 2008-10-01
Interest Rate Elasticity Of Residential Housing Prices written by Mr.Martin Cihak 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 2008-10-01 with Business & Economics categories.
We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices.
Imf Working Papers
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Author : Martin Cihák
language : en
Publisher:
Release Date : 2008
Imf Working Papers written by Martin Cihák and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Electronic books categories.
Land Supply Elasticity And The Housing Price Sensitivity To Interest Rate
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Author : Yikun Huang
language : en
Publisher: Open Dissertation Press
Release Date : 2017-01-26
Land Supply Elasticity And The Housing Price Sensitivity To Interest Rate written by Yikun Huang and has been published by Open Dissertation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-26 with categories.
This dissertation, "Land Supply Elasticity and the Housing Price Sensitivity to Interest Rate" by Yikun, Huang, 黃逸昆, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: In Hong Kong, housing prices have increased significantly in recent years. Amongst all the reasons for such significant increase, low interest rate has been recognized as one of the major reasons. Many studies have provided empirical evidence to support the negative relationship between interest rate and housing prices. However, in the US, recent studies (Glaeser, Gottlieb and Gyourko, 2010; Kuttner, 2012) show that the observed effect of interest rate changes on housing prices is much less than that predicted by the standard user cost model. According to the Glaeser et al. (2010), there are three potential explanations for the low housing price sensitivity to interest rate fluctuation. First, increase in land (and therefore housing) supply elasticity can reduce the effects of the demand-side variables, including interest rate. Second, high risk premium for long term mortgage rate in the US makes housing prices less sensitive to changes in interest rates. Third, the long-term mortgage contracts in the US cannot reflect the impact of frequent short term interest rate fluctuation. Among these three potential hypotheses proposed to explain the lower than expected housing price sensitivity to interest rate changes, land supply elasticity is more relevant to Hong Kong. By focusing on Hong Kong's housing market, this thesis examines the relationship between land supply elasticity and the sensitivity of housing prices towards interest rate changes. When demand shift due to interest rate change, land supply (and therefore housing supply) may respond accordingly to reduce the impact of interest rate change. The more elastic the supply is, the weaker the housing price sensitivity to interest rate may be. Alternatively, housing prices are more sensitive to interest rate change when land supply is inelastic. To be more precisely, this study provides an empirical test on whether land supply elasticity reduces housing price sensitivity towards interest changes. Two approaches are applied to provide clear pictures of housing price sensitivity. First, data from different housing subsectors with different land supply elasticity are used for the empirical tests. The results show that prices of large units in the Hong Kong Island are significantly more sensitive to interest rate change, compared to those of small units in the New Territories. This is consistent with the implication of our hypothesis because new land for building luxurious units in Hong Kong Island is limited while there are relatively more lands available in the New Territories for smaller mass residential units. Second, in Hong Kong, all new land supply comes from the government in the form of leasehold land. Hence, government's land supply policy has a major impact on land supply elasticity. For example, there was a period of restricted land supply before the handover in 1997, which effectively reduced land supply elasticity. On the other hand, the Application List land sales system adopted by the Hong Kong government from 2000 to 2013 should increase the flexibility in land supply. Therefore, this study makes use of these policy changes as nature experiments to investigate the effect of land supply elasticity on housing price sensitivity towards interest fluctuation. The results show that housing prices are more sensitive to interest rate change during the land supply restriction period and more insensitive
Housing Economics
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Author : George Fallis
language : en
Publisher: Butterworth-Heinemann
Release Date : 2014-05-12
Housing Economics written by George Fallis and has been published by Butterworth-Heinemann this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-12 with Business & Economics categories.
Housing Economics provides information pertinent to the fundamental aspects of housing economics. This book discusses the economic theory of how households make housing choices, how suppliers make decisions, and how changes in exogenous variables alter the market outcome. Organized into 10 chapters, this book begins with an overview of the nature of housing economics and explains why the standard microeconomic models need to be modified. This text then examines the demand side of the housing market. Other chapters provide an economic analysis of the supply side of the housing market. This book discusses as well the housing market models as they arise in a more macroeconomic context. The final chapter deals with the effects of different housing programs on consumers, producers, and the market equilibrium. This book is a valuable resource for undergraduate students of economics. Planners, urban geographers, policy analysts, and civil servants will also find this book useful.
Fundamental Drivers Of House Prices In Advanced Economies
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Author : Ms.Nan Geng
language : en
Publisher: International Monetary Fund
Release Date : 2018-07-18
Fundamental Drivers Of House Prices In Advanced Economies written by Ms.Nan Geng 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 2018-07-18 with Business & Economics categories.
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Housing Market Dynamics And The Future Of Housing Prices
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Author : Denise DiPasquale
language : en
Publisher:
Release Date : 1991
Housing Market Dynamics And The Future Of Housing Prices written by Denise DiPasquale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Housing categories.
The Inflation Of House Prices Its Extent Causes And Consequences
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Author : Leo Grebler
language : en
Publisher: Free Press
Release Date : 1979
The Inflation Of House Prices Its Extent Causes And Consequences written by Leo Grebler and has been published by Free Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
The Price Elasticity Of The Long Run Supply Of New Housing Construction
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Author : James R. Follain
language : en
Publisher:
Release Date : 1979
The Price Elasticity Of The Long Run Supply Of New Housing Construction written by James R. Follain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Housing categories.
Housing Market Economics Digital Textbook
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Author :
language : en
Publisher: Tutor2u Limited
Release Date :
Housing Market Economics Digital Textbook written by and has been published by Tutor2u Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Price Elasticities Of Housing Supply
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Author : C. Peter Rydell
language : en
Publisher:
Release Date : 1982
Price Elasticities Of Housing Supply written by C. Peter Rydell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Analyzes the price elasticity of the supply of rental housing services, defined as the percentage increase in supply associated with a one percent increase in price. The purpose of the report is to predict the price changes associated with supply responses to shifts in demand. Section II analyzes each component of supply response separately. It presents price elasticities for the repair, inventory, and occupancy responses to demand shifts. It reviews the literature on all three and offers new estimates for the second and third (the estimates are based on the analysis of Annual Housing Survey data from the U.S. Census Bureau reported in Appendix B). Section III combines the three individual supply elasticities into a composite elasticity. It accomplishes the integration using a model of housing-market responses to demand shifts presented in Appendix C. The model was built during the Housing Assistance Supply Experiment to explain the housing market's response to demand shifts caused by an experimental housing allowance program.