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How to deal with real estate booms: Lessons from country experiences
Open accessAbstract
The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom–bust episodes. These insights derive from econometric analysis, when possible, and case studies of country experiences. Broadly, booms financed through credit and involving leverage are more likely to warrant a policy response. In that context, macroprudential measures can be targeted more precisely to specific sources of risk, but they may prove ineffective because of circumvention. In that case, monetary policy may have to be used to lean against the wind.
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Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
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Can non-interest rate policies stabilize housing markets? Evidence from a panel of 57 economies
Kuttner, K. N., & Shim, I. (2016) · Journal of Financial Stability · doi:10.1016/j.jfs.2016.07.014 · Cited by 339
Stock market, real estate market, and economic growth: an ARDL approach
Thi Nguyen, M.-L., & Ngoc Bui, T. (2019) · Investment Management and Financial Innovations · doi:10.21511/imfi.16(4).2019.25 · Cited by 27
Metadata
- Authors
- Crowe, C., Dell’Ariccia, G., Igan, D., & Rabanal, P.
- Venue
- Journal of Financial Stability
- Publisher
- Elsevier BV
- Published
- 2013-09
- Volume
- 9
- Issue
- 3
- Pages
- 300-319
- ISSN
- 1572-3089 (ISSN-L)
- OpenAlex
- W3122251994
- Cited by
- 392
- References
- 1
- FWCI
- 48.30
- Type
- journal article
- Language
- en
- Open access
- green
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- Crowe, C., Dell’Ariccia, G., Igan, D., & Rabanal, P. (2013). How to deal with real estate booms: Lessons from country experiences. Journal of Financial Stability. https://doi.org/10.1016/j.jfs.2013.05.003
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