Cover IMF Working Papers
Buy Book in Print
Global Housing Cycles
Author:
Ms. Deniz O Igan
Search for other papers by Ms. Deniz O Igan in
Current site
Google Scholar Close
https://orcid.org/0000-0002-9501-1807
and
Mr. Prakash Loungani
Search for other papers by Mr. Prakash Loungani in
Current site
Google Scholar Close
Series:
IMF Working Papers
Volume/Issue:
Volume 2012: Issue 217
Language:
English
Publication Date:
01 Aug 2012
DOI:
https://doi.org/10.5089/9781475505672.001
ISBN:
9781475505672
ISSN:
1018-5941
Pages:
56
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
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (3.7 MB) Download Epub
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.
  • Collapse
  • Expand
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund