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Europe > Ireland

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  • Type: Journal Issue x
  • Macroeconomic Aspects of International Trade and Finance: General x
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Cover IMF Working Papers
Global Housing Cycles
Ms. Deniz O Igan
and
Mr. Prakash Loungani
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.
Keywords:
WP; economic activity; equilibrium price; housing cycle; monetary policy; Housing Cycles; Mortgage Markets; standard deviation; last quarter; credit market; correlation coefficient; cycle characteristic; regression analysis; Housing prices; Housing; Mortgages; Income; Asset prices; Global