Fundamental And Speculative Demands For Housing
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| Author | : Weicheng Lian |
| Publisher | : International Monetary Fund |
| Total Pages | : 54 |
| Release | : 2019-03-19 |
| Genre | : Business & Economics |
| ISBN | : 1498304567 |
This paper separates the roles of demand for housing services and belief about future house prices in a house price cycle, by utilizing a feature of user-cost-of-housing that it is sensitive to demand for housing services only. Optimality conditions of producing housing services determine user-cost-of-housing and the elasticity of substitution between land and structures in producing housing services. I find that the impact of demand for housing services on house prices is amplified by a small elasticity of substitution, and demand explained four fifths of the U.S. house price boom in the 2000s.
| Author | : Ms.Nan Geng |
| Publisher | : International Monetary Fund |
| Total Pages | : 24 |
| Release | : 2018-07-13 |
| Genre | : Business & Economics |
| ISBN | : 1484367626 |
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.
| Author | : Thomas Sowell |
| Publisher | : Basic Books (AZ) |
| Total Pages | : 194 |
| Release | : 2009-05-12 |
| Genre | : Business & Economics |
| ISBN | : 0465018807 |
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
| Author | : Josh Ryan-Collins |
| Publisher | : Zed Books Ltd. |
| Total Pages | : 306 |
| Release | : 2017-02-28 |
| Genre | : Business & Economics |
| ISBN | : 1786991217 |
Why are house prices in many advanced economies rising faster than incomes? Why isn’t land and location taught or seen as important in modern economics? What is the relationship between the financial system and land? In this accessible but provocative guide to the economics of land and housing, the authors reveal how many of the key challenges facing modern economies - including housing crises, financial instability and growing inequalities - are intimately tied to the land economy. Looking at the ways in which discussions of land have been routinely excluded from both housing policy and economic theory, the authors show that in order to tackle these increasingly pressing issues a major rethink by both politicians and economists is required.
| Author | : Luc Nijs |
| Publisher | : Springer Nature |
| Total Pages | : 822 |
| Release | : 2020-06-30 |
| Genre | : Business & Economics |
| ISBN | : 3030347435 |
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This volume focuses specifically on shadow banking activities, risk, policy and regulatory issues. It evaluates the nexus between policy design and regulatory output around the world, paying attention to the concept of risk in all its dimensions—the legal, financial, market, economic and monetary perspectives. Particular attention is given to spillover risk, contagion risk and systemic risk and their positioning and relevance in shadow banking activities. Newly introduced and incoming policies are evaluated in detail, as well as how risk is managed, observed and assessed, and how new regulation can potentially create new sources of risk. Volume I concludes with analysis of what will and still needs to happen in the event of another crisis. Proposing innovative suggestions for improvement, including a novel Pigovian tax to tame financial and systemic risks, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
| Author | : Bing Wang |
| Publisher | : Springer Nature |
| Total Pages | : 312 |
| Release | : 2021-01-05 |
| Genre | : Business & Economics |
| ISBN | : 3030490327 |
China’s economy has been transforming rapidly over the last 25 years. As a result, Chinese conurbations have changed remarkably, with cities expanding both vertically and horizontally, and the physical environment acting as a medium for unprecedented urbanization. This has provided vast opportunities for investors, real estate developers, and service companies, but also presents huge challenges—as traditional city spaces have been reconfigured, environmental risks and the volatility of real estate markets increased. However, as engagement with China is becoming strategically important for many, forming a synthesized lens through which to read China across the vicissitudes of its real estate sector bears historic significance. By offering an insightful framework and structure for understanding China’s variegated real estate dynamics, players, and markets, Understanding China’s Real Estate Markets codifies the principles and practices of real estate development, finance, and investment in China and builds foundations for future academic research and practical knowledge in shaping and engaging the urban environment within China and beyond.
| Author | : Ding Ding |
| Publisher | : International Monetary Fund |
| Total Pages | : 17 |
| Release | : 2018-12-07 |
| Genre | : Business & Economics |
| ISBN | : 1484390253 |
In this paper we analyze the fundamental drivers of China’s residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were the key driver of the rising residential investment to GDP ratio in China. We project that residential investment would moderate from the current level of 9 percent of GDP to around 6 percent by 2024, and its contribution to real GDP growth would decline gradually from currently about half percent of GDP to slightly negative over this period, barring policy intervention. The decline in the growth contribution of residential investment reflects the projected somewhat slower pace of rebalancing going forward and the envisaged increases in labor costs due to demographic changes.
| Author | : Geoffrey Meen |
| Publisher | : Springer |
| Total Pages | : 322 |
| Release | : 2016-04-29 |
| Genre | : Business & Economics |
| ISBN | : 1137472715 |
The world has still to emerge fully from the housing-triggered Global Financial Crisis, but housing crises are not new. The history of housing shows long-run social progress, littered with major disasters; nevertheless the progress is often forgotten, whilst the difficulties hit the headlines. Housing Economics provides a long-term economic perspective on macro and urban housing issues, from the Victorian era onwards. A historical perspective sheds light on modern problems and the constraints on what can be achieved; it concentrates on the key policy issues of housing supply, affordability, tenure, the distribution of migrant communities, mortgage markets and household mobility. Local case studies are interwoven with city-wide aggregate analysis. Three sets of issues are addressed: the underlying reasons for the initial establishment of residential neighbourhoods, the processes that generate growth, decline and patterns of integration/segregation, and the impact of historical development on current problems and the implications for policy.
| Author | : Joseph E. Stiglitz |
| Publisher | : Columbia University Press |
| Total Pages | : 330 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 0231143656 |
In this unique resource, Nobel Prize winners, former presidential advisers, well-respected columnists, academics, and practitioners from across the political spectrum offer innovative policy ideas and insightful commentary on our most pressing economic issues. These essays take a hard look at the high cost of the Iraq War, provide insight and advice on global warming, demystify Social Security, reconsider the impact of U.S. offshoring, and identify the consequences of the deindustrialization of America. They also question whether welfare reform was successful and explore the economic consequences of global warming and the rebuilding of New Orleans. Contributors describe how a simple switch in auto insurance policy could benefit the environment; they unravel the dangers of an unchecked housing bubble; and they investigate the mishandling of the lending institutions Freddie Mac and Fannie Mae. Balancing empirical data with economic theory, this collection proves the economist's voice is a vital one.
| Author | : Pascal Towbin |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2015-07-30 |
| Genre | : Business & Economics |
| ISBN | : 1513596233 |
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The argument is, however, often indirect: speculation is treated as a deviation from a benchmark. The present paper aims to identify house price expectation shocks directly. To that purpose, we estimate a VAR model for the U.S. and use sign restrictions to identify house price expectation, housing supply, housing demand, and mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent of the real house price increase. We also construct a model-based measure of exogenous changes in price expectations and show that this measure leads a survey-based measure of changes in house price expectations. Our main identification scheme leaves open whether expectation shifts are realistic or unrealistic. In extensions, we provide evidence that price expectation shifts during the boom were primarily unrealistic and were only marginally affected by realistic expectations about future fundamentals.
