Fundamental Drivers of House Prices in Advanced Economies PDF Download
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Author: Ms.Nan Geng
Publisher: International Monetary Fund
ISBN: 1484369122
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Author: Ms.Nan Geng
Publisher: International Monetary Fund
ISBN: 1484369122
Category : Business & Economics
Languages : en
Pages : 24
Get Book Here
Book Description
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Author: Ms.Nan Geng
Publisher: International Monetary Fund
ISBN: 1484367626
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
House prices in many advanced economies have risen substantially in recent decades. But experience indicates that housing prices can diverge from their long-run equilibrium or sustainable levels, potentially followed by adjustments that impact macroeconomic and financial stability. Therefore there is a need to monitor house prices and assess whether they are sustainable. This paper focuses on fundamentals expected to drive long run trends in house prices, including institutional and structural factors. The scale of potential valuation gaps is gauged on the basis of a cross-country panel analysis of house prices in 20 OECD countries.
Author: Mr.Marco Arena
Publisher: International Monetary Fund
ISBN: 1513512250
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts of the financial system and that can cause serious negative consequences for the real economy.
Author: John Yinger
Publisher: Elsevier
ISBN: 1483265765
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
Property Taxes and House Values: The Theory and Estimation of Intrajurisdictional Property Tax Capitalization explains the link between property taxes and house values and elaborates public policies that alter property taxes, such as assessment reform and state aid. This book introduces the concept of property tax capitalization and discusses the importance of tax capitalization for public policy. The topics include the simple algebra of property tax capitalization, inherent econometric difficulties, and household utility maximization problem. The anticipation of revaluation, revaluation in Brockton, and nonlinear two-stage least squares estimator are also described. This text likewise covers the estimates of the degree of property tax capitalization and horizontal equity of tax rate changes. This publication is recommended for academics, public officials, and homeowners.
Author: Mr.Adrian Alter
Publisher: International Monetary Fund
ISBN: 1513530267
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have seemingly fallen over the past decade, while having increased in Canada. Supply-side drivers, valuation, household debt, and financial conditions jointly play a key role in forecasting house price risks. In addition, capital flows are found to be significantly associated with future downside risks to major housing markets, but the net effect depends on the type of flows and varies across cities and forecast horizons. Using micro-level data, we identify households vulnerable to potential housing shocks and assess the riskiness of household debt.
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: Robert C. Ellickson
Publisher: Aspen Publishing
ISBN: 1543856160
Category : Law
Languages : en
Pages : 544
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Book Description
The purchase of this ebook edition does not entitle you to receive access to the Connected eBook on CasebookConnect. You will need to purchase a new print book to get access to the full experience including: lifetime access to the online ebook with highlight, annotation, and search capabilities, plus an outline tool and other helpful resources. Perspectives on Property Law, edited by Robert C. Ellickson, Carol M. Rose, and Henry E. Smith is an interdisciplinary introduction to property law and institutions through edited and annotated readings from classic and contemporary sources. Entering its Fifth Edition, Perspectives on Property Law continues its track record of success. The authors supplement a wide selection of fascinating and essential readings on Property Law with their own commentary. This reader continues an approach tracing back to the landmark first edition—Bruce Ackerman's Economic Foundations of Property Law, published in 1975. Like all previous editions, this edition contains many selections, both classic and more recent, in law and economics. Included selections are also taken from sociology, psychology, history, philosophy, gender studies, game theory, and law and literature. New to the 5th Edition: Richard Brooks’s article on the dangers of racial discrimination from non-enforceable Restrictive Covenants. Yun-chien Chang’s chapter from a global comparative study questioning the basis for Adverse Possession. Thomas W. Merrill’s article on the Economics of Leasing. Henry E. Smith’s article on equity as meta-law and F.H. Lawson’s article on the creative use of legal concepts. Professors and students will benefit from: An assemblage of leading writings on the fundamental issues of Property Law Each selection is accompanied by notes, questions, and commentary designed to deepen student understanding A well-known and respected author team
Author: Julian S. Alworth
Publisher: Oxford University Press (UK)
ISBN: 0199698163
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This book examines how tax policies contributed to the financial crisis; whether taxation can play a role in the reform efforts to establish a sounder and safer financial system; and the pros and cons of various tax initiatives.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264862684
Category :
Languages : en
Pages : 143
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Book Description
Housing Taxation in OECD Countries provides a comparative assessment of housing tax policies in OECD countries and identifies options for reform. The study starts with an overview of recent housing market trends and challenges and an analysis of the distribution of housing assets.
Author: Mr.John Norregaard
Publisher: International Monetary Fund
ISBN: 148436905X
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
The tax on immovable property has been characterized as probably the most unpopular among tax instruments, in part because it is salient and hard to avoid. But economists continue to emphasize the virtues of the property tax owing to its relatively low efficieny costs, benign impact on growth, and high score on fairness. It is, therefore, generally considered to be underutilized in most countries. This paper takes stock of the arguments for using real property taxation, and presents an updated data-set for high-and middle income countries to illustrate its use. It also reflects the renewed and widespread interest in property tax reform globally, and discusses the many policy and administrative issues that must be carefully considered as prerequisites for successful property tax reform.
