Discussion of Property Market Cycles as Paths to Financial Distress
نویسنده
چکیده
A core objective of the Conference and this paper in particular is to bring together macro and monetary specialists on the one hand, and those who concentrate on the operation of property markets on the other – and to make each better understand the other. In the main they do not engage. Property analysts generally take the macro environment as given and then ask what follows for their particular concerns. Macro specialists tend to regard property as a dangerous source of instability, a conduit and leading indicator of stress, but one which can effectively be described in terms of aggregate variables without recourse to more detailed analysis of the fundamentals of these markets and the distinctions between them.
منابع مشابه
Property Market Cycles as Paths to Financial Distress
Property market busts are usually implicated in some way in episodes of financial instability. The losses on US mortgages that sparked the recent financial crisis are a good example of this connection, as are the episodes in Japan, Scandinavia and Australia in the early 1990s, which largely stemmed from commercial property lending. One might think property loans should be fairly safe, given the...
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