Front Matter Page
Monetary and Capital Markets Department
Contents
ABSTRACT
I. INTRODUCTION
II. DATA AND MEASUREMENT
A. House Price Gap Synchronicity
B. Business Cycle Synchronicity
C. Bilateral Banking Integration
D. Global Financial Conditions
E. Other Controls
III. COUNTRY-LEVEL ANALYSIS
A. Empirical Strategy
B. Results
C. Robustness Checks
IV. CITY-LEVEL ANALYSIS
A. Network Analysis: House Price Interconnectedness at City Level
B. Empirical Strategy
C. Results
V. EXTENSIONS: THE IMPACT OF MACROPRUDENTIAL POLICIES
A. Empirical Strategy
B. Results
VI. CONCLUSIONS
REFERENCES
FIGURES
1. House Price Gap Synchronicity Across Countries and Cities
2. House Price Synchronicity and Transmission of External Shocks
3. Impact of Global Financial Conditions on House Price Synchronization
4. House Price Interconnectedness Among Countries vs. Cities
5. Average House Price Growth and Demand-side Macroprudential Policies
6. Impact of Macroprudential Measures on House Price Synchronicity
TABLES
1. House Price Gap Synchronicity at Country Level and Global Factors
2. House Price Gap Synchronicity at Country Level and Global Factors—Robustness Checks: Global Factors
3. House Price Gap Synchronicity at Country Level and Global Factors—Robustness Checks: Additional Controls
4. House Price Gap Synchronicity at Country Level and Global Factors—Robustness Checks: Clustering of Standard Errors
5. House Price Gap Synchronicity at City Level and Global Factors—Two-Way Clustering
6. House Price Gap Synchronicity at City Level and Global Factors—Multi-Way Clustering
ANNEXES
I. Data Sources, Coverage, and Summary Statistics
II. Alternative Measures of House Price Synchronicity
III. Methodology—House Price Interconnectedness Analysis
IV. Impact of Macroprudential Measures on House Price Synchronicity—Regression Results