06069oam 22013814 450 991096123370332120250426110050.09781475566796147556679497814755182521475518250(CKB)2670000000278920(EBL)1606965(SSID)ssj0000960480(PQKBManifestationID)11541861(PQKBTitleCode)TC0000960480(PQKBWorkID)10949808(PQKB)11537588(Au-PeEL)EBL1606965(CaPaEBR)ebr10627141(OCoLC)809202311(IMF)WPIEE2012217(IMF)WPIEA2012217(MiAaPQ)EBC1606965WPIEA2012217(EXLCZ)99267000000027892020020129d2012 uf 0engur|n|---|||||txtccrGlobal Housing Cycles /Deniz Igan, Prakash Loungani1st ed.Washington, 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.9781475528091 1475528094 9781475505672 1475505671 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. 2012/217HousingHousingPricesAggregate Factor Income DistributionimfAsset pricesimfBanksimfBusiness FluctuationsimfCyclesimfDeflationimfDepository InstitutionsimfEconomic Development: Urban, Rural, Regional, and Transportation AnalysisimfFinanceimfFinancial institutionsimfFinancial Markets and the MacroeconomyimfHousing pricesimfHousing Supply and MarketsimfHousingimfIncomeimfIndustries: Financial ServicesimfInflationimfInfrastructureimfMacroeconomic Aspects of International Trade and Finance: GeneralimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfNational accountsimfPrice LevelimfPricesimfProperty & real estateimfReal EstateimfSaving and investmentimfUnited StatesimfHousing.HousingPrices.Aggregate Factor Income DistributionAsset pricesBanksBusiness FluctuationsCyclesDeflationDepository InstitutionsEconomic Development: Urban, Rural, Regional, and Transportation AnalysisFinanceFinancial institutionsFinancial Markets and the MacroeconomyHousing pricesHousing Supply and MarketsHousingIncomeIndustries: Financial ServicesInflationInfrastructureMacroeconomic Aspects of International Trade and Finance: GeneralMacroeconomicsMicro Finance InstitutionsMortgagesNational accountsPrice LevelPricesProperty & real estateReal EstateSaving and investment332.1Igan Deniz1099130Loungani Prakash1167752DcWaIMFBOOK9910961233703321Global Housing Cycles4372614UNINA