Topic Real Estate and Housing

Building Sector: Stimulus Packages Make an Impact

The sharp slump of the German economy has left its mark on the building sector. Commercial construction has been especially affected by the significant decline in companies' propensity to invest - triggered by the macroeconomic downturn. However, due to the stable development of real wages and the overall labour market as well as targeted supporting programmes, the recession has more or less bypassed ...

Is there a Bubble in the Chinese Housing Market?

Methodologies for Assessment of Building's Energy Efficiency and Conservation: A Policy-Maker View

Recent global peer-review reports have concluded on importance of buildings in tacking the energy security and climate change challenges. To integrate the buildings energy efficiency into the policy agenda, significant research efforts have been recently done. More specifically, the public domain provides a bulk of literature on the application of buildings-related efficiency technologies and behavioural ...

Is There a Bubble in the Chinese Housing Market?

For many analysts, the Chinese economy is spurred by a bubble in the housing market, probably driven by the fiscal stimulus package and massive credit expansion, with pos-sible adverse effects to the real economy. To get insights into the size of the bubble, the house price evolution is investigated by panel cointegration techniques. Evidence is based on a dataset for 35 major cities. Cointegration ...

Liquidity and Asset Prices: How Strong Are the Linkages?

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually limit speculative runs and negative effects ...

Liquidity and Asset Prices: How Strong Are the Linkages?

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the inclusion of asset prices in the monetary policy rule can eventually limit speculative runs and negative effects ...

Factors Influencing Tenure Choice in European Countries

Homeownership rates are very different across European countries. They range from below 50% in Germany to over 80% in Greece, Spain or Ireland. However the differences lie not only in the overall homeownership rates but also in its structure, and this is the focus of this paper. Its aim is to study the impact of microeconomic factors on household's tenure choice, using a cross-country comparative approach. ...

Monetary Policy Transmission and House Prices: European Cross Country Evidence

This paper explores the importance of housing and mortgage market heterogeneity in 13 European countries for the transmission of monetary policy. We use a pooled VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary policy shock. We split our sample of countries into two disjoint groups according to the impact of the monetary ...

Mortgage Market Maturity and Homeownership Inequality among Young Households: A Five-Country Perspective

This paper uses the newly constructed Luxembourg Wealth Study data to document cross-country variation in homeownership rates and the homeownership-income inequality among young households in Finland, Germany, Italy, the UK and the US, and relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and inequality in the four countries correspond ...

Mortgage Market Maturity and Homeownership Inequality among Young Households: A Five-Country Perspective

This paper uses the newly constructed Luxembourg Wealth Study data to document cross-country variation in homeownership rates and the homeownership-income inequality among young households in Finland, Germany, Italy, the UK and the US, and relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and inequality in the four countries correspond ...