House Prices and Economic Activity:
This paper reviews the role of house prices in influencing private consumption and residential investment in OECD countries. Deregulation of the mortgage markets in most OECD countries since the 1970s has made it easier for households to borrow for current consumption on the basis of their housing w...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2001
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | This paper reviews the role of house prices in influencing private consumption and residential investment in OECD countries. Deregulation of the mortgage markets in most OECD countries since the 1970s has made it easier for households to borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been accompanied by sizeable withdrawal of housing equity. The analysis presented in the paper and a review of existing empirical work for the major OECD countries suggest that house prices have a significant positive impact on private consumption through wealth effects and/or an easing of liquidity constraints. House prices also influence the profitability of house building, and in many countries there is a close association between profitability of house construction and private residential investment. A corollary of these results is that residential property prices can be useful indicators of demand pressures in the economy ... |
| Beschreibung: | 1 Online-Ressource (49 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/061034430132 |
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Datensatz im Suchindex
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| discipline | Wirtschaftswissenschaften |
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| index_date | 2024-07-03T19:35:04Z |
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| language | English |
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| spelling | Girouard, Nathalie Verfasser aut House Prices and Economic Activity Nathalie Girouard and Sveinbjörn Blöndal Paris OECD Publishing 2001 1 Online-Ressource (49 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper reviews the role of house prices in influencing private consumption and residential investment in OECD countries. Deregulation of the mortgage markets in most OECD countries since the 1970s has made it easier for households to borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been accompanied by sizeable withdrawal of housing equity. The analysis presented in the paper and a review of existing empirical work for the major OECD countries suggest that house prices have a significant positive impact on private consumption through wealth effects and/or an easing of liquidity constraints. House prices also influence the profitability of house building, and in many countries there is a close association between profitability of house construction and private residential investment. A corollary of these results is that residential property prices can be useful indicators of demand pressures in the economy ... Economics Blöndal, Sveinbjörn ctb https://doi.org/10.1787/061034430132 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Girouard, Nathalie House Prices and Economic Activity Economics |
| title | House Prices and Economic Activity |
| title_auth | House Prices and Economic Activity |
| title_exact_search | House Prices and Economic Activity |
| title_exact_search_txtP | House Prices and Economic Activity |
| title_full | House Prices and Economic Activity Nathalie Girouard and Sveinbjörn Blöndal |
| title_fullStr | House Prices and Economic Activity Nathalie Girouard and Sveinbjörn Blöndal |
| title_full_unstemmed | House Prices and Economic Activity Nathalie Girouard and Sveinbjörn Blöndal |
| title_short | House Prices and Economic Activity |
| title_sort | house prices and economic activity |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/061034430132 |
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