Guyana Housing Market And Implications For Macroprudential Policies
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Author | : Mr.Julian T Chow |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2020-01-31 |
Genre | : Business & Economics |
ISBN | : 1513526324 |
Download Guyana: Housing Market and Implications for Macroprudential Policies Book in PDF, Epub and Kindle
Guyana’s residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks’ housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks’ lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention.
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Download Guyana Book in PDF, Epub and Kindle
Author | : Ramesh Gampat |
Publisher | : Xlibris Corporation |
Total Pages | : 387 |
Release | : 2022-01-06 |
Genre | : Business & Economics |
ISBN | : 1669802450 |
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Author | : Gabriel Bruneau |
Publisher | : |
Total Pages | : 83 |
Release | : 2016 |
Genre | : Housing |
ISBN | : |
Download Housing Market Dynamics and Macroprudential Policy Book in PDF, Epub and Kindle
We perform an analysis to determine how well the introduction of a countercyclical loan-to-value (LTV) ratio can reduce household indebtedness and housing price fluctuations compared with a monetary policy rule augmented with house price inflation. To this end, we construct a New Keynesian model in which a fraction of households borrow against the value of their houses and we introduce news shocks on housing demand. We estimate the model with Canadian data using Bayesian methods. We find that the introduction of news shocks can generate a housing market boom-bust cycle, the bust following unrealized expectations on housing demand. Our study also suggests that a countercyclical LTV ratio is a useful policy to reduce the spillover from the housing market to consumption, and to lean against news-driven boom-bust cycles in housing price and credit generated by expectations of future macroeconomic developments.Issued also in printed form.
Author | : Guyana. Ministry of Information, Culture, and Youth |
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Total Pages | : 23 |
Release | : 1973 |
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Download Housing Guyana Book in PDF, Epub and Kindle
Author | : Ding Ding |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2017-11-16 |
Genre | : Business & Economics |
ISBN | : 1484329317 |
Download Assessing China’s Residential Real Estate Market Book in PDF, Epub and Kindle
China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Author | : Richard Koss |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2018-04-13 |
Genre | : Business & Economics |
ISBN | : 1484348559 |
Download Stabilizing China’s Housing Market Book in PDF, Epub and Kindle
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.
Author | : Troy Matheson |
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Release | : 2018 |
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Download Balancing Financial Stability and Housing Affordability Book in PDF, Epub and Kindle
Housing market imbalances are a key source of systemic risk and can adversely affect housing affordability. This paper utilizes a stylized model of the Canadian economy that includes policymakers with differing objectives—macroeconomic stability, financial stability, and housing affordability. Not surprisingly, when faced with multiple objectives,deploying more policy instruments can lead to better outcomes. The results show that macroprudential policy can be more effective than policies based on adjusting property-transfer taxes because property-tax policy entails excessive volatility in tax rates. They also show that if property-transfer taxes are used as a policy instrument, taxes targeted at a broader-set of home buyers can be more effective than measures targeted at a smaller subset of homebuyers, such as nonresident homebuyers.
Author | : A. Grimes |
Publisher | : |
Total Pages | : 34 |
Release | : 2013 |
Genre | : Global Financial Crisis, 2008-2009 |
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Download Housing Market Dynamics and the GFC Book in PDF, Epub and Kindle
Author | : Mr.Nicolas Arregui |
Publisher | : International Monetary Fund |
Total Pages | : 73 |
Release | : 2013-07-17 |
Genre | : Business & Economics |
ISBN | : 1484335724 |
Download Evaluating the Net Benefits of Macroprudential Policy Book in PDF, Epub and Kindle
The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision. It discusses three types of policy leakages and identifies instruments that could best minimize the leakages. Some rules of thumb for policymakers are provided.