LEADER 03606nam 2200613Ia 450 001 9910461962703321 005 20200520144314.0 010 $a1-4755-6679-4 010 $a1-4755-1825-0 035 $a(CKB)2670000000278920 035 $a(EBL)1606965 035 $a(SSID)ssj0000960480 035 $a(PQKBManifestationID)11541861 035 $a(PQKBTitleCode)TC0000960480 035 $a(PQKBWorkID)10949808 035 $a(PQKB)11537588 035 $a(MiAaPQ)EBC1606965 035 $a(Au-PeEL)EBL1606965 035 $a(CaPaEBR)ebr10627141 035 $a(OCoLC)809202311 035 $a(EXLCZ)992670000000278920 100 $a20121206d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGlobal housing cycles$b[electronic resource] /$fDeniz Igan and Prakash Loungani 210 $aWashington, D.C. $cInternational Monetary Fund$d2012 215 $a1 online resource (57 p.) 225 0$aIMF working paper ;$vWP/12/217 300 $aDescription based upon print version of record. 311 $a1-4755-2809-4 311 $a1-4755-0567-1 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $a1. 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 327 $a13. 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 330 $aHousing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections 410 0$aIMF Working Papers 606 $aHousing 606 $aHousing$xPrices 608 $aElectronic books. 615 0$aHousing. 615 0$aHousing$xPrices. 700 $aIgan$b Deniz$0873077 701 $aLoungani$b Prakash$0963576 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910461962703321 996 $aGlobal housing cycles$92184817 997 $aUNINA