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Author: Nina Biljanovska
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
The rapid increase in house prices in the past few years, including during the COVID-19 pandemic, raises concerns about housing affordability. The price-to-income ratio is a widely-used indicator of affordability, but does not take into account important factors such as the cost of financing. The aim of this paper is to construct a measure of housing affordability that takes these factors into account for a large set of countries and long period of time. The resulting dataset covers an unbalanced panel of 40 countries over the period from 1970Q1 to 2021Q4. For each country, the index measures the extent to which a median-income household can qualify for a mortgage loan to purchase an average-priced home. To gauge the performance of the constructed indices, we compare them to other readily-available mesures of affordability and examine the evolution of the indices over time to understand the relevant drivers, including in a regression analysis to assess the extent to which government housing programs could contribute to improving affordability.
Author: Nina Biljanovska
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
The rapid increase in house prices in the past few years, including during the COVID-19 pandemic, raises concerns about housing affordability. The price-to-income ratio is a widely-used indicator of affordability, but does not take into account important factors such as the cost of financing. The aim of this paper is to construct a measure of housing affordability that takes these factors into account for a large set of countries and long period of time. The resulting dataset covers an unbalanced panel of 40 countries over the period from 1970Q1 to 2021Q4. For each country, the index measures the extent to which a median-income household can qualify for a mortgage loan to purchase an average-priced home. To gauge the performance of the constructed indices, we compare them to other readily-available mesures of affordability and examine the evolution of the indices over time to understand the relevant drivers, including in a regression analysis to assess the extent to which government housing programs could contribute to improving affordability.
Author: Paul Burke
Publisher:
ISBN:
Category : Household surveys
Languages : en
Pages : 340
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Book Description
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
Ireland: Selected Issues
Author: Francesco Beraldi
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing. We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower housing affordability for first-time homebuyers, and increase housing wealth inequality between first-time and repeat homebuyers. We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 52
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Book Description
Republic of Croatia: Selected Issues
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 86
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Book Description
Portugal achieved a remarkable recovery from the successive shocks that hit the global economy since the pandemic. Growth exceeded the euro area (EA) average. Inflation decelerated fast. The fiscal position improved substantially, achieving a large surplus in 2023 and an impressive public debt reduction by 36 percentage points of GDP since 2020 to 99 percent of GDP. The external position strengthened, buoyed by vigorous exports including tourism, EU funds, and, more recently, better terms of trade. Financial stability indicators improved, reflecting a reduction in systemic risks. At this juncture, a soft landing is within reach. However, subdued productivity growth, population aging, and low investment remain key constraints to higher medium-term growth and better living standards.
Author: Gregg Colburn
Publisher: Univ of California Press
ISBN: 0520383796
Category : Social Science
Languages : en
Pages : 283
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Book Description
Using rich and detailed data, this groundbreaking book explains why homelessness has become a crisis in America and reveals the structural conditions that underlie it. In Homelessness Is a Housing Problem, Gregg Colburn and Clayton Page Aldern seek to explain the substantial regional variation in rates of homelessness in cities across the United States. In a departure from many analytical approaches, Colburn and Aldern shift their focus from the individual experiencing homelessness to the metropolitan area. Using accessible statistical analysis, they test a range of conventional beliefs about what drives the prevalence of homelessness in a given city—including mental illness, drug use, poverty, weather, generosity of public assistance, and low-income mobility—and find that none explain the regional variation observed across the country. Instead, housing market conditions, such as the cost and availability of rental housing, offer a far more convincing account. With rigor and clarity, Homelessness Is a Housing Problem explores U.S. cities' diverse experiences with housing precarity and offers policy solutions for unique regional contexts.
Author: Khalid ElFayoumi
Publisher: International Monetary Fund
ISBN: 151357020X
Category : Business & Economics
Languages : en
Pages : 97
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Book Description
Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.
Author: Paul Dalziel
Publisher: Bridget Williams Books
ISBN: 1927247993
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
New Zealand is recognised as having been a pioneer in creating in 1938 what was arguably the Western world’s first comprehensive welfare state … we argue in this book that more than seventy-five years later there is a new opportunity for New Zealand to pioneer a further transformation in how a country enhances the wellbeing of its people. Seventy-five years after Labour’s social security reforms of the 1930s, it is time for a major shift in how New Zealand regards the wellbeing of its people. Instead of measuring economic growth for its own sake, we should be assessing how well it enables New Zealanders to lead ‘the kinds of lives they value and have reason to value’. Wellbeing economics is famously defined by Professor Amartya Sen as: ‘the expansion of the “capabilities” of people to lead the kinds of lives they value and have reason to value’. Exploring the wellbeing economics concept of ‘value-added growth’, this analysis spans from personal to national growth, calling for New Zealand’s transformation from the traditional ‘welfare state’ to a progressive ‘wellbeing state’.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264234497
Category :
Languages : en
Pages : 151
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Book Description
This 2015 OECD Economic Survey of New Zealand examines recent economic developments, policies and prospects. Special chapters cover sustaining the economic expansion and making growth more inclusive.
