Articlebronze2015

Housing Finance and Real-Estate Booms

Eugenio Cerutti · Jihad Dagher · Giovanni Dell’Ariccia

127 citations0/0 files storedIMF staff discussion note

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Housing Market and Economics Global Financial Crisis and Policies Housing, Finance, and Neoliberalism

Abstract

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.

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References

1997Credit Cycles 1988Agency Costs, Net Worth, And Business Fluctuations 2005House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle 2010The Geographic Determinants of Housing Supply *1999Incentives and Social Capital: Are Homeowners Better Citizens?2011Liquidity risk management and credit supply in the financial crisis 2015The Use and Effectiveness of Macroprudential Policies 2011House Prices, Home Equity–Based Borrowing, and the US Household Leverage Crisis

Cited by

2016Changes in Prudential Policy Instruments---A New Cross-Country Database 2020Capital inflows and bank stability around the financial crisis: The mitigating role of macro-prudential policies

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