LEADER 04791nam 2200673 450 001 9910463627403321 005 20170815101916.0 010 $a1-4623-5377-0 010 $a1-4527-2385-0 010 $a9786612841620 010 $a1-4518-7069-8 010 $a1-282-84162-9 035 $a(CKB)3170000000055108 035 $a(EBL)1608017 035 $a(SSID)ssj0000944138 035 $a(PQKBManifestationID)11503213 035 $a(PQKBTitleCode)TC0000944138 035 $a(PQKBWorkID)10982596 035 $a(PQKB)11540638 035 $a(OCoLC)460973501 035 $a(MiAaPQ)EBC1608017 035 $a(EXLCZ)993170000000055108 100 $a20140225h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aHouse price developments in Europe $ea comparison /$fPaul Hilbers [and three others] 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (66 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/211 300 $aDescription based upon print version of record. 311 $a1-4519-1522-5 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Understanding Market Developments; A. Key Features; Boxes; 1. Aspects of Housing Markets; B. Determining Factors and Indicators; 2. User Cost Framework; C. Impact of Policies; Tables; 1. Indicators for Housing Market Conditions and Trends; Figures; 1. Key Policy Relationships; III. The European Picture: House Price Developments in Selected Countries; A. Market Developments; 2. Real House Price Index; 2. Average Real Property Prices, 1985-2007; B. Demand Factors; 3. House Prices and Income, 1985-2006; 4. House Prices and Interest Rates, 1985-2006 327 $a5. Demographics, 1985-20063. Evolution of User Costs in Europe, 1995-2006; 4. Understanding the Decline in User Costs in Europe, 2000-05; 3. Measuring User Costs in Europe; 5. Home Ownership in Europe; 6. Home Ownership and Property Price Appreciation; 7. Housing and Household Wealth; C. Supply Side and Rental Market; 6. Housing Stocks; 8. House Prices and Housing Supply, 1985-2006; 7. Housing Stock Rented from Government and Social Housing; 9. House Prices and Rents, 1985-2006; D. Taxation Issues; 10. Price-Rental Ratio and Housing Stock; 8. Property-Related Taxes 327 $a11. Selected European Countries: Property Taxes by Level, 1975-200512. Selected European Countries: Property Tax Change, 1975-2005; 13. Selected European Countries: Property Tax Deflated by House Prices, 1975-2005; E. Financial Sector; 14. Financial Sector Lending for Residential Property, 1990-2004; 15. Mortgage Lending Growth and Property Prices; 9. Mortgage Market Completeness Indicators; IV. Assessing House Price Developments: An Empirical Approach; A. House Price Model; 4. Do Housing Prices Reflect a Bubble?; B. Empirical Evidence; 10. Standard Model Estimates for P/Rent 327 $a11. Standard Model Estimates for P12. User Costs and Interest Rates; 16. Understanding the House Price-Rental Ratio; 17. Understanding the House Price; 13. Extended Model Estimates; 14. The Impact of the Risk-Free Interest Rate on User Costs; 15. Overvaluation Resulting from an Increase in Interest Rates; 18. Overvaluation in Housing Markets in Europe; V. Summary and Concluding Remarks; References; Appendices; I. Data Sources; II. Housing-Related Taxation 330 $aHouse prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the ""fast lane"", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The im 410 0$aIMF Working Papers 606 $aHousing$xPrices$zEurope$xEconometric models 606 $aHome ownership$zEurope$xEconometric models 606 $aMortgages$zEurope$xEconometric models 608 $aElectronic books. 615 0$aHousing$xPrices$xEconometric models. 615 0$aHome ownership$xEconometric models. 615 0$aMortgages$xEconometric models. 676 $a333.338 701 $aHilbers$b Paul$0910644 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463627403321 996 $aHouse price developments in Europe$92038123 997 $aUNINA