This innovative book analyses the role played by real estate
markets in global financial stability and examines the fragile link
between the two.Through what transmission channels do housing
market cycles influence broader economic systems? How has the
Global Financial Crisis shifted our view and understanding of these
linkages? This detailed book answers these questions in an
international comparative perspective. Specific topics covered
include macroeconomic transmission channels of the housing cycle,
the role of housing in the finance system, construction financing
as a cycle amplifier, and various related public policy issues such
as the policy remedies needed to deal with housing and
mortgage-driven crises. Eminent scholars in the field provide
insightful and original contributions, which will appeal to
academics in the areas of macroeconomics, policy analysis and
financial regulation. Practitioners involved in real estate and the
mortgage market will also find it to be of interest. Contributors:
C.-O. Chang, M.-C. Chen, M. Cho, G. Dell'Ariccia, H.-J. Dubel, M.
Hwang, M. Iacoviello, D. Igan, K. Kim, K.-H. Kim, Y.I. Kim, C.-M.
Lee, Y.-M. Lee, J.-y. Son, I. Song, S.H. Suh, M.J. Tcha, S.
Wachter, T.T. Yang, J.Y. Zhang
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