Essays in Housing Markets and Financial Fragility - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Essays in Housing Markets and Financial Fragility write by Deeksha Gupta. This book was released on 2018. Essays in Housing Markets and Financial Fragility available in PDF, EPUB and Kindle. This dissertation is motivated by the housing crisis of 2008. It consists of three chapters. In the first chapter, "Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices," I propose a new theory to help explain the housing crisis. During the housing boom, a small number of institutions--the government-sponsored enterprises (GSEs) and a few banks--held most of U.S. mortgage risk. I develop a theory in which such concentration of mortgage exposure can explain features of the housing crisis. I show that large lenders with many outstanding mortgages have incentives to extend risky credit to prop up house prices. An increase in concentration can lead to a boom with worsening credit quality and a subsequent bust with widespread defaults. In the second chapter, "Concentration and Lending in Mortgage Markets," joint with Ronel Elul and David Musto, we attempt to test the theory described in the first chapter. We provide evidence that concentration in mortgage markets can create perverse lending incentives. We exploit variation in the size of the GSEs' outstanding mortgage exposure across MSAs. Using a loan-level dataset, we provide evidence that the GSEs were more likely to engage in high-risk activities in areas where they had a large exposure to outstanding mortgages. We also provide evidence that this relationship is driven by an incentive to keep house prices high. In the final chapter, "Housing Booms and the Crowding-Out Effect," joint with Itay Goldstein, we study the effect that investment in real estate assets has on the economy. We develop a theory in which housing price booms can sometimes lead to a crowding-out of corporate investment. We show that an increase in real estate prices does not necessarily increase aggregate investment even when firms actively use real estate assets as collateral to borrow against and invest the proceeds in positive NPV projects. We argue that at times, it can be optimal to decrease the price of housing rather than to support high housing prices to stimulate the economy and characterize when this is the case.
Four Essays on Financial Stability and the Housing Market
Four Essays on Financial Stability and the Housing Market - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Four Essays on Financial Stability and the Housing Market write by Thomas Krause. This book was released on 2018. Four Essays on Financial Stability and the Housing Market available in PDF, EPUB and Kindle.
Hot Property
Hot Property - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Hot Property write by Rob Nijskens. This book was released on 2019-06-14. Hot Property available in PDF, EPUB and Kindle. This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Housing Markets and the Economy
Housing Markets and the Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Housing Markets and the Economy write by Karl E. Case. This book was released on 2009. Housing Markets and the Economy available in PDF, EPUB and Kindle. Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Global Housing Markets
Global Housing Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Global Housing Markets write by Ashok Bardhan. This book was released on 2011-10-27. Global Housing Markets available in PDF, EPUB and Kindle. A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.
