The household's decision to invest in a home is complicated by the fact that owner-occupied housing plays a dual role as both a physical good generating housing services, and as a component of the wealth portfolio. For many homeowners, housing represents both the largest single element of the monthly expenditure, and the most important asset in the wealth portfolio. Given the availability of re...

Another feature is the large and growing share occupied by the government. Government financial institutions also have specialized business areas, such as export and import, overseas investment, development, small businesses, agriculture, forestry and fisheries, and housing. Post offices absorb funds through postal savings, insurance schemes and pension plans (see Chart 1 , llOrganization Chart...

This paper concerns the ontology and epistemology of comparative research, which are the foundations of a research strategy. It builds upon a Realist ontology (Bhaskar, 1975, 1979; Sayer, 1984,1985, 2000; Lawson, 1997, 1999) of necessary and contingent relations forming causal mechanisms, in order to extend existing frameworks for explaining difference and change in housing networks. Housing ne...

This paper studies the interaction between inequality and house prices using an incomplete market heterogeneous agent model. The model links cross-sectional household portfolio saving decisions to housing market outcomes, contributing to the housing literature by illustrating a new price formation mechanism in which the investment motive among the wealthy plays a key role. A quantitative applic...

In the recent recession and current economic recovery, policymakers have supported asset prices in the U.S. treasury and mortgage markets, expecting that improvement in the balance sheet of banks will lead to more commercial lending. In general, we document that increases in housing prices in a bank’s deposit base lead banks to decrease commercial lending. Further, we find that a one-standard d...

The current economic crisis has long-term causes that are rooted in the economic dynamics of globalization. I construct a Solow-style endogenous model of capital accumulation, technological change, trade and foreign direct investment (FDI), based on myopic agents. Combining advanced technologies with low labor costs, FDI yields extraordinary profits that generate asymmetric innovation incentive...

The housing prices in many Asian cities have grown rapidly since mid-2000s, leading to many reports of bubbles. However, such reports remain controversial as there is no widely accepted definition for a housing bubble. Previous studies have focused on indices, or assumed that home prices are lognomally distributed. Recently, Ohnishi et al. showed that the tail-end of the distribution of (Japan/...

We provide explicit solutions to life-cycle utility maximization problems simultaneously involving dynamic decisions on investments in stocks and bonds, consumption of perishable goods, and the rental and the ownership of residential real estate. House prices, stock prices, interest rates, and the labor income of the decision-maker follow correlated stochastic processes. The preferences of the ...

Conventional decision making in all aspects of the asset management sector has largely been based around the key concepts of risk reduction and maximisation of returns. Yet the RICS (2009) has called for surveying professionals to significantly modify their current practice to ensure it aligns with the government policy which has sought to encourage sustainable development through sustainable c...