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Author: Paul de Vries
Publisher: IOS Press
ISBN: 1607506653
Category : Political Science
Languages : en
Pages : 227
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Book Description
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
Author: Paul de Vries
Publisher: IOS Press
ISBN: 1607506653
Category : Political Science
Languages : en
Pages : 227
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Book Description
This study discusses ways of measuring and explaining the development of house prices. The goal of the research underpinning this dissertation was to develop a methodological framework for studying these developments. This framework relates, first, to correcting for changes in the composition of dwellings and, second, to the fundamentals of the price development. Using the weighted repeat sales method and sale price appraisal ratio (SPAR) method, house price indexes were developed for the Netherlands. Both the Dutch land registry office and Statistics Netherlands publish the SPAR based house price index monthly. To explain and predict changes in prices, a house price model is presented. As suggested in literature on western housing markets, the Dutch house price developments can be explained by demand-oriented short-run term variables and a long-run term variable.
Author: Angana Banerji
Publisher: International Monetary Fund
ISBN: 1451870698
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.
Author: Huihua Nie
Publisher: Springer
ISBN: 9811050597
Category : Social Science
Languages : en
Pages : 257
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Book Description
By analyzing the interactions between China’s central government and its local governments and enterprises, this book constructs an analytical framework of government-enterprise collusion, analyzing the impact of collusion within the China model on Chinese society. Against the background of decentralization and under information asymmetry, this text argues that Chinese local governments connive at enterprises’ adoption of a low-cost ‘bad’ mode of production — a ‘stimulus’ for quick growth at the cost of safer working conditions — so as to obtain fiscal or political capital for further promotion. Through an examination of coalmine mortality rate, environmental pollution, food safety and house pricing, the book argues that collusion is the intrinsic drive of the China model. It consider how against a backdrop of political centralization and economic decentralization, collusion exacerbates corruption and impacts both on the country’s social development and on its foreign direct investment. Offering an analysis of future prospects for the China model, it puts forward key policy proposals to improve domestic institutional construction through reform.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1484369440
Category : Business & Economics
Languages : en
Pages : 145
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Book Description
The FSAP team undertook a thorough top-down stress testing analysis using end-2017 data. This note covers the methodology and results of the scenario-based solvency tests, the single factor sensitivity tests, and the liquidity tests. The stress test exercise was carried out on a sample of major euro area banks supervised by the Single Supervisory Mechanism (SSM). The analysis is heavily dependent on comprehensive and granular supervisory data on individual banks’ positions shared by the European Central Bank (ECB). While FSAP results are not directly comparable to the 2018 EU-wide stress test results due to differences in scenarios, methodologies, and objectives, they provide an assessment of the system-wide resilience of the euro area banking sector at the current juncture.
Author: Mick Silver
Publisher: International Monetary Fund
ISBN: 1475593643
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
A key element in the build-up to the global recession and subsequently was the movement in house price indexes (HPIs). These indexes are particularly prone to methodological and coverage differences which can undermine both within-country and cross-country economic analysis. The paper outlines key measurement issues and reports on empirical work using an international panel data set that (i) considers whether differences in HPI measurement matter and, if so, in what way, and (ii) revisits the measurement of global house price inflation and the modeling of the determinants of house price inflation using HPIs corrected for differences in measurement practice.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475590148
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
This Selected Issues paper examines the housing market in Israel. Property prices in Israel are currently about 25 percent above their equilibrium value, owing largely to low mortgage interest rates and supply shortages. Price-to-income and price-to-rent ratios are well above their equilibrium value. The risk of a sharp correction in housing prices—although mitigated by the supply shortages—remains a concern and could have important macro-financial implications. To contain such risks, macroprudential policies should be further tightened. At the same time, concerted efforts should be made to alleviate supply-side constraints.
Author: Pascal Towbin
Publisher: International Monetary Fund
ISBN: 1513581279
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Between 1996 and 2006 the U.S. has experienced an unprecedented boom in house prices. As it has proven to be difficult to explain the large price increase by observable fundamentals, many observers have emphasized the role of speculation, i.e. expectations about future price developments. The argument is, however, often indirect: speculation is treated as a deviation from a benchmark. The present paper aims to identify house price expectation shocks directly. To that purpose, we estimate a VAR model for the U.S. and use sign restrictions to identify house price expectation, housing supply, housing demand, and mortgage rate shocks. House price expectation shocks are the most important driver of the boom and account for about 30 percent of the real house price increase. We also construct a model-based measure of exogenous changes in price expectations and show that this measure leads a survey-based measure of changes in house price expectations. Our main identification scheme leaves open whether expectation shifts are realistic or unrealistic. In extensions, we provide evidence that price expectation shifts during the boom were primarily unrealistic and were only marginally affected by realistic expectations about future fundamentals.
Author: OECD
Publisher: OECD Publishing
ISBN: 926405426X
Category :
Languages : en
Pages : 151
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Book Description
Estonia grew faster than most emerging market economies during 2000-07, but it is now in a severe recession. This first edition of OECD's periodic review of Estonia's economy includes chapters covering getting back to a sustainable growth path ...
Author: D. Rodgers
Publisher: Springer
ISBN: 1137035137
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
By the dawn of the 21st century, more than half of the world's population was living in urban areas. This volume explores the implications of this unprecedented expansion in the world's most urbanized region, Latin America, exploring the new urban reality, and the consequences for both Latin America and the rest of the developing world.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455213551
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
Canada has experienced drastic changes in its economy during the global financial crisis. This Selected Issues paper discusses the evolution of equilibrium real home prices in key Canadian provinces in the post-crisis period, Canadian dollar movement during and after the global financial turmoil in line with other world currencies, assessment of impacts on Canada’s potential growth, development of Canadian automotive sector—namely, NAFTA partners during the crisis, and the role of Canada Mortgage and Housing Corporation (CMHC) in Canada’s housing market.
