منابع مشابه
House Price Booms, Current Account Deficits, and Low Interest Rates
Financial deregulation can help rationalize the negative correlation between house prices and current account balance observed in the United States and in several other countries that have experienced the highest degree of turmoil during the recent financial crisis. Lower collateral requirements facilitate access to external funding and increase the demand for consumption and housing. As a cons...
متن کاملComments on Housing Price Booms and the Current Account∗
Adam et al. (2011) propose and analyze an interesting model of house price dynamics. It is pitched as an open economy model and used to study the relationship between aggregate debt and house prices. The model suggests a linkage between the current account and the value of the housing stock. The authors present some figures that motivate their analysis with the financial crisis an important com...
متن کاملAn econometric study into the impact of the current account on house price growth in the United States
This dissertation investigates the impact of the current account on house price growth in the United States between Q4 1977 and Q4 2013. An econometric analysis is used to estimate the effect of changes in the current account balance on house price growth over the period, whilst accounting for a range of control variables. The regression results show that throughout the period, negative changes...
متن کاملBooms and Busts: Consumption, House Prices and Expectations
Over much of the past 25 years, the cycles of house price and consumption growth have been closely synchronised. Three main hypotheses for this co-movement have been proposed in the literature. First, that an increase in house prices raises households' wealth, particularly for those in a position to trade down the housing ladder, which increases their desired level of expenditure. Second, that ...
متن کاملIndex Revision, House Price Risk, and the Market for House Price Derivatives
It is widely recognized that options and futures markets for housing can reduce and manage the risks inherent in consumers’ large investments in housing equity. The integrity of such markets depends, however, upon the use of transparent and replicable benchmarks for house prices and settlement values. In the USA, a series of state and metropolitan indexes have been produced by a government agen...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: NBER Macroeconomics Annual
سال: 2012
ISSN: 0889-3365,1537-2642
DOI: 10.1086/663990