Download or read book The Effects of the Supply of Credit on Real Estate Prices Venezuela as a Policy Laboratory written by Claire Boeing-Reicher and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investigating the Differential Impact of Real Interest Rates and Credit Availability on Private Investment written by Omar Antonio Mendoza Lugo and published by . This book was released on 2001 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Availability of Credit and Real Estate Values written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1992 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expropriation Risk and Housing Prices written by Víctor Contreras and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the microeconomic determinants of residential real estate prices in Caracas, Venezuela, using a private database containing 17,526 transactions from 2008-2009. The particular institutional characteristics of many countries in Latin America, and Venezuela in particular, where land invasions and expropriations (with only partial compensation) have been common threats to property owners, provide us with an opportunity to test the effects of these risks on housing prices using a unique database. The effect of these risks on property prices is negative and significant. To our knowledge, this is the first attempt to quantify these impacts in the Hedonic pricing literature applied to real estate. Size, the number of parking spaces, the age of the property, the incidence of crime, and the average income in the neighborhood are significant determinants of prices. Finally, this paper analyzes the microeconomic determinants of housing prices at the municipal level.
Download or read book Housing Price Credit and Output Cycles How Domestic and External Shocks Impact Lithuania s Credit written by Iacovos Ioannou and published by International Monetary Fund. This book was released on 2018-07-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lithuania’s current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles in Baltic and Nordic countries during1995-2017. We find a high degree of synchronization between Lithuania’s credit and housing price cycles. Panel regressions show a strong correlation between a credit upturn and housing price upturn. Moreover, panel VAR suggests that shocks in housing prices, credit, and output within and outside Lithuania strongly impact Lithuania’s credit.
Download or read book Bulletin of the Atomic Scientists written by and published by . This book was released on 1973-10 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.
Download or read book The Venezuelan Housing Policy of 1979 1983 and Its Effect on the Formal Private Supply of Housing written by Beatriz Coromoto Ramirez Correa and published by . This book was released on 1984 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Real Estate Price Inflation Monetary Policy and Expectations in the United States and Japan written by Hossein Samiei and published by International Monetary Fund. This book was released on 1994 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the mid- to late 1980s, inflationary pressures were highly concentrated in asset markets in many industrial countries. This paper discusses why this may have occurred and then develops a forward-looking supply and demand model of the real estate market in which equilibrium prices depend on price expectations, monetary conditions, income, returns to alternative assets, and construction costs. In this model, the current equilibrium price is determined by expectations formed in different time periods by consumers and producers. The model and its more generalized dynamic specifications are estimated by maximum-likelihood methods. The empirical results do not reject the view that the relationship between real estate values and monetary policy was altered in 1980s.
Download or read book Determinants of Venezuela s Equilibrium Real Exchange Rate written by Mr.Juan Zalduendo and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands.
Download or read book Housing Policy in Venezuela written by Banco Obrero (Venezuela) and published by . This book was released on 1967 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Policy and Business Cycles in an Oil Producing Economy The Case of Venezuela written by Alfredo Baldini and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the fiscal policy in Venezuela during 1991-2003, by using a number of statistical approaches to analyze trends and cycles of economic output and fiscal outcomes. The business cycle features a strong dominance of short-term cyclical components-each cycle having an average duration of about two to three years. However, the cyclical volatility of non-oil sector GDP is more than two times as large as the volatility of oil sector GDP. On the fiscal side, while oil revenues are independent of the business cycle, all the other main fiscal variables exhibit strong procyclicality. In particular, fiscal procyclicality is higher during good times than bad times, which could be related to the existence of "voracity effects." The discretionary component of fiscal policy is as volatile as the component induced by the business cycle.
Download or read book Credit Supply and the Price of Housing written by Giovanni Favara and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Low Interest Rates and Housing Booms written by Filipa Sá and published by . This book was released on 2015 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of OECD countries experienced an environment of low interest rates and a rapid increase in housing market activity during the last decade. Previous work suggests three potential explanations for these events: expansionary monetary policy, capital inflows due to a global savings glut and excessive financial innovation combined with inappropriately lax financial regulation. In this study we examine the effects of these three factors on the housing market. We estimate a panel VAR for a sample of OECD countries and identify monetary policy and capital inflows shocks using sign restrictions. To explore how these effects change with the structure of the mortgage market and the degree of securitisation, we augment the VAR to let the coefficients vary with mortgage market characteristics. Our results suggest that both types of shocks have a significant and positive effect on real house prices, real credit to the private sector and real residential investment. The responses of housing variables to both types of shocks are stronger in countries with more developed mortgage markets, roughly doubling the responses to a monetary policy shock. The amplification effect of mortgage-backed securitisation is particularly strong for capital inflows shocks, increasing the response of real house prices, residential investment and real credit by a factor of two, three and five, respectively.
Download or read book To Segregate Or to Aggregate written by Kun Duan and published by . This book was released on 2018 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Credit is a crucial instrument in asset price determination, yet existing research has produced conflicting evidence on its real impact, especially during episodes of heightened uncertainty. This paper develops a framework to show that by segregating credit into credit to the real economy and credit to the asset markets a clear picture of its real effects on housing demand and supply channels emerge. Through this mechanism, we establish a meaningful relationship between credit and housing prices. Using a quarterly dataset for nine industrialized countries, our panel VAR estimation shows that credit to the real economy and housing prices depict a positive bi-directional relationship, whereas credit to the asset markets exerts a negative but negligible impact on housing prices in the short-run, and a strong positive effect in the long-run. Robustness tests confirm our baseline predictions.
Download or read book Assessing China s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Download or read book Real Estate Price Inflation Monetary Policy and Expectations in the United States and Japan written by Hossein Samiei and published by . This book was released on 2006 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the mid- to late 1980s, inflationary pressures were highly concentrated in asset markets in many industrial countries. This paper discusses why this may have occurred and then develops a forward-looking supply and demand model of the real estate market in which equilibrium prices depend on price expectations, monetary conditions, income, returns to alternative assets, and construction costs. In this model, the current equilibrium price is determined by expectations formed in different time periods by consumers and producers. The model and its more generalized dynamic specifications are estimated by maximum-likelihood methods. The empirical results do not reject the view that the relationship between real estate values and monetary policy was altered in 1980s.
Download or read book Marketing Information Guide written by and published by . This book was released on 1965 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt:
