Housing Markets, Wealth and the Business Cycle:
The paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the trans...
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| Main Author: | |
|---|---|
| Other Authors: | , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2004
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | The paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets. Particularly important in this regard is the degree of mortgage market "completeness" -- i.e. the extent to which the market is able to offer a variety of products and to serve a broad range of potential borrowers -- in particular, the extent to which they provide ... |
| Physical Description: | 1 Online-Ressource (46 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/534328100627 |
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| index_date | 2024-07-03T19:35:06Z |
| indexdate | 2024-12-18T19:04:38Z |
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| language | English |
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| spelling | Catte, Pietro Verfasser aut Housing Markets, Wealth and the Business Cycle Pietro Catte ... [et al] Paris OECD Publishing 2004 1 Online-Ressource (46 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets. Particularly important in this regard is the degree of mortgage market "completeness" -- i.e. the extent to which the market is able to offer a variety of products and to serve a broad range of potential borrowers -- in particular, the extent to which they provide ... Economics Girouard, Nathalie ctb Price, Robert ctb André, Christophe ctb https://doi.org/10.1787/534328100627 Verlag kostenfrei Volltext |
| spellingShingle | Catte, Pietro Housing Markets, Wealth and the Business Cycle Economics |
| title | Housing Markets, Wealth and the Business Cycle |
| title_auth | Housing Markets, Wealth and the Business Cycle |
| title_exact_search | Housing Markets, Wealth and the Business Cycle |
| title_exact_search_txtP | Housing Markets, Wealth and the Business Cycle |
| title_full | Housing Markets, Wealth and the Business Cycle Pietro Catte ... [et al] |
| title_fullStr | Housing Markets, Wealth and the Business Cycle Pietro Catte ... [et al] |
| title_full_unstemmed | Housing Markets, Wealth and the Business Cycle Pietro Catte ... [et al] |
| title_short | Housing Markets, Wealth and the Business Cycle |
| title_sort | housing markets wealth and the business cycle |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/534328100627 |
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