LEADER 05888oam 22012974 450 001 9910786486703321 005 20230801225509.0 010 $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(IMF)WPIEE2012217 035 $a(IMF)WPIEA2012217 035 $a(EXLCZ)992670000000278920 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGlobal Housing Cycles /$fDeniz Igan, Prakash Loungani 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (57 p.) 225 1 $aIMF Working Papers 225 0$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 3 $aHousing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements. Empirical analysis shows that house price dynamics are mostly driven by income and demographics but fluctuations in these fundamentals and credit conditions can create deviations from the implied equilibrium path. We conclude with a discussion of the macroeconomic implications of house price corrections. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/217 606 $aHousing 606 $aHousing$xPrices 606 $aInfrastructure$2imf 606 $aMacroeconomics$2imf 606 $aReal Estate$2imf 606 $aIndustries: Financial Services$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aMacroeconomic Aspects of International Trade and Finance: General$2imf 606 $aHousing Supply and Markets$2imf 606 $aEconomic Development: Urban, Rural, Regional, and Transportation Analysis$2imf 606 $aHousing$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aProperty & real estate$2imf 606 $aFinance$2imf 606 $aHousing prices$2imf 606 $aIncome$2imf 606 $aAsset prices$2imf 606 $aPrices$2imf 606 $aNational accounts$2imf 606 $aFinancial institutions$2imf 606 $aSaving and investment$2imf 607 $aUnited States$2imf 615 0$aHousing. 615 0$aHousing$xPrices. 615 7$aInfrastructure 615 7$aMacroeconomics 615 7$aReal Estate 615 7$aIndustries: Financial Services 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aFinancial Markets and the Macroeconomy 615 7$aMacroeconomic Aspects of International Trade and Finance: General 615 7$aHousing Supply and Markets 615 7$aEconomic Development: Urban, Rural, Regional, and Transportation Analysis 615 7$aHousing 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aAggregate Factor Income Distribution 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aProperty & real estate 615 7$aFinance 615 7$aHousing prices 615 7$aIncome 615 7$aAsset prices 615 7$aPrices 615 7$aNational accounts 615 7$aFinancial institutions 615 7$aSaving and investment 700 $aIgan$b Deniz$01099130 701 $aLoungani$b Prakash$01167752 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786486703321 996 $aGlobal Housing Cycles$93858254 997 $aUNINA