House Price Synchronicity Banking Integration And Global Financial Conditions
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| Author | : Adrian Alter |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 2018-11-28 |
| Genre | : Business & Economics |
| ISBN | : 1484387023 |
We examine the relationship between house price synchronicity and global financial conditions across 40 countries and about 70 cities over the past three decades. The role played by cross-border banking flows in residential property markets is examined as well. Looser global financial conditions are associated with greater house price synchronicity, even after controlling for bilateral financial integration. Moreover, we find that synchronicity across major cities may differ from that of their respective countries’, perhaps due to the influence of global investors on local house price dynamics. Policy choices such as macroprudential tools and exchange rate flexibility appear to be relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.
| 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 | : Alejandro Jara |
| Publisher | : |
| Total Pages | : 20 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
While the synchronization of business cycles has been much studied in the literature, housing prices' synchronization has not. In this paper we study the determinants of the housing prices' synchronicity for a variety of advanced and emerging countries. In order to do so, we rely on Kalemli-Ozcan et al. (2009)'s definition of synchronicity and on the housing prices indexes provided by the Bank for International Settlements (BIS) and other sources. In particular, we study the relationship of the housing prices' synchronicity and banking integration. Our finding show that, after controlling by macroeconomic and idiosyncratic factors, banking integration positively and significantly affects the synchronicity of housing prices. We also find that this effect is lost during the global financial crisis for the synchronicity between advanced countries, but it remains significant for the synchronicity between advanced and emerging economies.
| Author | : Akhil Patel |
| Publisher | : Harriman House Limited |
| Total Pages | : 303 |
| Release | : 2023-07-11 |
| Genre | : Business & Economics |
| ISBN | : 0857198580 |
During your life you will make many important financial decisions. Their success will be significantly affected by the state of the economy and financial markets when you make them. Imagine if you had a guide to the future to help you anticipate periods of boom and bust and make decisions accordingly: when to invest and take risk, and when to sell or take measures to preserve your wealth. The Secret Wealth Advantage is that guide. To make better investment decisions at the right times, you need to understand the 18-year cycle. It is responsible for all of the periods of wild speculation and spectacular collapse that have been a feature of the modern economy for well over 200 years. At the heart of this cycle is the property market. Understand this and you will be able to forecast precisely what will happen next. Using a treasure trove of historical data and entertaining stories from the present and prior periods, The Secret Wealth Advantage reveals everything you need to know about the cycle: where we are within it, why it happens, why no one sees it and what you need to look out for. And, most importantly, The Secret Wealth Advantage provides you with a practical guide for what to do at each stage of the cycle. Put this into action and a world that appears complex and chaotic can be mastered. You will have an investment edge that seasoned professionals can only dream of.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 152 |
| Release | : 2018-04-18 |
| Genre | : Business & Economics |
| ISBN | : 1484338294 |
The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR. Medium-term risks are still elevated as financial vulnerabilities, which have built up during the years of accommodative policies, could mean a bumpy road ahead and put growth at risk. This GFSR also examines the short- and medium-term implications for downside risks to growth and financial stability of the riskiness of corporate credit allocation. It documents the cyclical nature of the riskiness of corporate credit allocation at the global and country levels and its sensitivity to financial conditions, lending standards, and policy and institutional settings. Another chapter analyzes whether and how house prices move in tandem across countries and major cities around the world—that is, global house price synchronicity.
| Author | : John Ravenhill |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 534 |
| Release | : 2020-04 |
| Genre | : Business & Economics |
| ISBN | : 019882064X |
An expert team of international authors present a diverse and comprehensive selection of theories and issues, carefully brought together by experienced editor John Ravenhill. Crucially, debates are presented through a critical lens to encourage students to unpack claims, form independent views, and challenge assumptions. This text is the only introduction to global political economy that lets students learn from the very top scholars in the field.Now in its sixth edition, this highly successful textbook has been thoroughly updated with contemporary real word examples, including the impact of the Trump administration, Brexit, and economic nationalism. Furthermore, new analysis has been added on the international political economy of work, labour, and energy. This ensures that Global Political Economy is the most up-to-date and relevant textbook on the subject available.KEY FEATURESA stimulating yet accessible guide to political economy which helps students understand complex issues such as global trade and global finance as well as pertinent topics including development, equality and the environmentPacked with contemporary case studies to help students apply economic theory to the real worldDebates are critically presented and situated in their historical context, enabling students to form their own views and argumentsIncludes carefully developed pedagogical features, such as rigorous end of chapter questions which help students reflect on their learning, test their knowledge, and form their own views.This title is available as an eBook. Please contact your Learning Resource Consultant for more information.
| Author | : Augustin Landier |
| Publisher | : |
| Total Pages | : 41 |
| Release | : 2014 |
| Genre | : Bank mergers |
| ISBN | : |
The correlation across US states in house price growth increased steadily between 1976 and 2000. This paper shows that the contemporaneous geographic integration of the US banking market, via the emergence of large banks, was a primary driver of this phenomenon. To this end, we first theoretically derive an appropriate measure of banking integration across state pairs and document that house price growth correlation is strongly related to this measure of financial integration. Our IV estimates suggest that banking integration can explain up to one third of the rise in house price correlation over the period.
| Author | : Charles Goodhart |
| Publisher | : Oxford University Press |
| Total Pages | : 247 |
| Release | : 2007 |
| Genre | : Business & Economics |
| ISBN | : 0199204594 |
House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
| Author | : Andrea Deghi |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2020-01-17 |
| Genre | : Business & Economics |
| ISBN | : 1513525832 |
This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show that current house price overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three years ahead. House-prices-at-risk help predict future growth at-risk and financial crises. We also investigate and propose policy solutions for preventing the identified risks. We find that overall, a tightening of macroprudential policy is the most effective at curbing downside risks to house prices, whereas a loosening of conventional monetary policy reduces downside risks only in advanced economies and only in the short-term.
| Author | : Mr.Hideaki Hirata |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2013-02-06 |
| Genre | : Business & Economics |
| ISBN | : 1475591608 |
We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these questions, we first estimate the global components in house prices and various macroeconomic and financial variables. We then evaluate the roles played by a variety of global shocks, including shocks to interest rates, monetary policy, productivity, credit, and uncertainty, in explaining house price fluctuations using a wide range of FAVAR models. We find that house prices are synchronized across countries, and the degree of synchronization has increased over time. Global interest rate shocks tend to have a significant negative effect on global house prices whereas global monetary policy shocks per se do not appear to have a sizeable impact. Interestingly, uncertainty shocks seem to be important in explaining fluctuations in global house prices.
