05888oam 22012974 450 991078648670332120230801225509.01-4755-6679-41-4755-1825-0(CKB)2670000000278920(EBL)1606965(SSID)ssj0000960480(PQKBManifestationID)11541861(PQKBTitleCode)TC0000960480(PQKBWorkID)10949808(PQKB)11537588(MiAaPQ)EBC1606965(Au-PeEL)EBL1606965(CaPaEBR)ebr10627141(OCoLC)809202311(IMF)WPIEE2012217(IMF)WPIEA2012217(EXLCZ)99267000000027892020020129d2012 uf 0engur|n|---|||||txtccrGlobal Housing Cycles /Deniz Igan, Prakash LounganiWashington, D.C. :International Monetary Fund,2012.1 online resource (57 p.)IMF Working PapersIMF working paper ;WP/12/217Description based upon print version of record.1-4755-2809-4 1-4755-0567-1 Includes bibliographical references.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; Figures1. 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 Then13. 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; AppendixHousing 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.IMF Working Papers; Working Paper ;No. 2012/217HousingHousingPricesInfrastructureimfMacroeconomicsimfReal EstateimfIndustries: Financial ServicesimfBusiness FluctuationsimfCyclesimfFinancial Markets and the MacroeconomyimfMacroeconomic Aspects of International Trade and Finance: GeneralimfHousing Supply and MarketsimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfHousingimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfAggregate Factor Income DistributionimfPrice LevelimfInflationimfDeflationimfProperty & real estateimfFinanceimfHousing pricesimfIncomeimfAsset pricesimfPricesimfNational accountsimfFinancial institutionsimfSaving and investmentimfUnited StatesimfHousing.HousingPrices.InfrastructureMacroeconomicsReal EstateIndustries: Financial ServicesBusiness FluctuationsCyclesFinancial Markets and the MacroeconomyMacroeconomic Aspects of International Trade and Finance: GeneralHousing Supply and MarketsEconomic Development: Urban, Rural, Regional, and Transportation AnalysisHousingBanksDepository InstitutionsMicro Finance InstitutionsMortgagesAggregate Factor Income DistributionPrice LevelInflationDeflationProperty & real estateFinanceHousing pricesIncomeAsset pricesPricesNational accountsFinancial institutionsSaving and investmentIgan Deniz1099130Loungani Prakash1167752DcWaIMFBOOK9910786486703321Global Housing Cycles3858254UNINA