Global Housing Cycles

Housing 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. Empi...

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Bibliographic Details
Main Author: Igan, Deniz
Other Authors: Loungani, Prakash
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Global Housing Cycles  |c Deniz Igan, Prakash Loungani 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2012 
300 |a 56 pages 
651 4 |a United States 
653 |a Depository Institutions 
653 |a Inflation 
653 |a Income 
653 |a Real Estate 
653 |a Banks 
653 |a Finance 
653 |a Industries: Financial Services 
653 |a Infrastructure 
653 |a Financial institutions 
653 |a Economic Development: Urban, Rural, Regional, and Transportation Analysis 
653 |a Deflation 
653 |a Housing Supply and Markets 
653 |a Micro Finance Institutions 
653 |a Housing 
653 |a Aggregate Factor Income Distribution 
653 |a Housing; Prices 
653 |a Mortgages 
653 |a National accounts 
653 |a Asset prices 
653 |a Property & real estate 
653 |a Price Level 
653 |a Cycles 
653 |a Saving and investment 
653 |a Financial Markets and the Macroeconomy 
653 |a Prices 
653 |a Macroeconomics 
653 |a Business Fluctuations 
653 |a Macroeconomic Aspects of International Trade and Finance: General 
653 |a Housing prices 
700 1 |a Loungani, Prakash 
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520 |a Housing 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