Global housing cycles [[electronic resource] /] / Deniz Igan and Prakash Loungani

• Record Nr.: UNINA9910461962703321
• Autore: Igan Deniz
• Pubbl/distr/stampa: Washington, D.C., : International Monetary Fund, 2012
• ISBN: 1-4755-6679-4; 1-4755-1825-0
• Descrizione fisica: 1 online resource (57 p.)
• Collana: IMF working paper ; ; WP/12/217
• Altri autori (Persone): LounganiPrakash
• Soggetti: Housing; Housing - Prices; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Cover; Contents; I. Introduction; II. Data; III. Empirical Analysis; A. Housing Cycles; B. Macroeconomic Consequences; IV. Conclusion; References; Tables; 1. House Price Cycles by Country; 2. Characteristics of House Price Cycles; 3. Price-to-Rent Ratio: Adjustment to Benchmark; 4. Modeling House Price Changes: Country-by-Country Regressions; 5. Modeling House Price Changes: Pooled Regressions; 6. Misalignment in House Prices: A Heat Map; 7. Macroeconomic Impact of House Price Corrections; 8. Macroeconomic Impact of House Price Corrections and Country Characteristics; Figures; 1. An Unprecedented Global Housing Boom2. A Global Housing Boom Turning into a Global Bust; 3. Measuring House Prices: Differences in U.S. Indices; 4. National versus Sub-national Prices: Selected Indices in the U.K.; 5. Housing Markets: Price versus Quantity; 6. Regional Housing Markets: Prices versus Activity; 7. Global Housing Cycles: Concurrence of Local Markets; 8. Global Booms and Busts; 9. House Prices and Residential Investment; 10. Price-to-Income Ratio by Country; 11. Housing Affordability in the U.S.; 12. Housing Affordability in the U.S.: Now and Then; 13. Price-to-Rent Ratio Adjustment in the U.S14. User Cost of Housing in the U.S.; 15. Back to Earth: Predicted and Actual House Price Changes; Appendix
• Sommario/riassunto: Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections