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House Prices and the Macroeconomy - Implications for Banking and Price Stability (Hardcover)
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House Prices and the Macroeconomy - Implications for Banking and Price Stability (Hardcover)
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House price bubbles, and their aftermath, have become a focus of
macro-economic policy concern in most developed countries. This
book elucidates the two-way relationship between house-price
fluctuations and economic fundamentals. Housing has many features
which make it distinct from other assets, like equity. Real estate
is not only an asset but also a durable consumption good for
households, providing shelter and other housing services. As a
result, a house is often the largest and most important asset of
households and therefore accounts for a major share of household
wealth. Similarly a large share of bank assets is tied to housing
values. House price fluctuations may, therefore, have a major
effect on economic activity and the soundness of the financial
system. Following an introductory chapter, the book is structured
into three parts. The first demonstrates the importance of house
prices as determinants or indicators of inflation and economic
activity. The second focuses on the inter-relationships between
bank credit extension and housing prices, and how bubbles can lead
to financial crises. The third discusses resultant public policy
issues, such as whether, and how, to include housing prices in a
general inflation index, and how to restrain the housing/bank
credit cycle.
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