Housing Market Stability Mortgage Market Structure And Monetary Policy
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Author | : Bing Zhu |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Housing Market Stability, Mortgage Market Structure, and Monetary Policy Book in PDF, Epub and Kindle
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.
Author | : Jane Dokko |
Publisher | : |
Total Pages | : 76 |
Release | : 2009 |
Genre | : Monetary policy |
ISBN | : |
Download Monetary Policy and the Housing Bubble Book in PDF, Epub and Kindle
Author | : Susan Wachter |
Publisher | : Edward Elgar Publishing |
Total Pages | : 364 |
Release | : 2014-02-28 |
Genre | : Business & Economics |
ISBN | : 178347288X |
Download The Global Financial Crisis and Housing Book in PDF, Epub and Kindle
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
Author | : Eugene N. White |
Publisher | : University of Chicago Press |
Total Pages | : 408 |
Release | : 2014-10-17 |
Genre | : Business & Economics |
ISBN | : 022609328X |
Download Housing and Mortgage Markets in Historical Perspective Book in PDF, Epub and Kindle
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.
Author | : Franklin Allen |
Publisher | : Pearson Prentice Hall |
Total Pages | : 214 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 0137011601 |
Download Fixing the Housing Market Book in PDF, Epub and Kindle
Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.
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 | : Frederic S. Mishkin |
Publisher | : |
Total Pages | : 70 |
Release | : 2007 |
Genre | : Housing |
ISBN | : |
Download Housing and the Monetary Transmission Mechanism Book in PDF, Epub and Kindle
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?
Author | : Richard Koss |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2018-04-13 |
Genre | : Business & Economics |
ISBN | : 1484351460 |
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 | : Rob Nijskens |
Publisher | : Springer |
Total Pages | : 220 |
Release | : 2019-06-14 |
Genre | : Business & Economics |
ISBN | : 3030116743 |
Download Hot Property Book in PDF, Epub and Kindle
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author | : P. Arestis |
Publisher | : Springer |
Total Pages | : 283 |
Release | : 2009-11-18 |
Genre | : Business & Economics |
ISBN | : 0230246982 |
Download Housing Market Challenges in Europe and the United States Book in PDF, Epub and Kindle
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.