Housing Markets and the Global Financial Crisis

Housing Markets and the Global Financial Crisis

The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case, whilst emphasizing the consequences.

Author: Ray Forrest

Publisher: Edward Elgar Publishing

ISBN: 9781849805841

Category: Political Science

Page: 260

View: 385

The impacts of the so-called global crisis are, in fact, highly uneven for both households and institutions. This unique book investigates why this is the case, whilst emphasizing the consequences. It encompasses the experiences of all the major economies, including: Australia, China, Hong Kong, Hungary, Iceland, Ireland, Japan, New Zealand, the Netherlands, South Korea, the USA, the UK and Vietnam, highlighting and comparing a wide range of housing systems and crisis impacts. Housing Markets and the Global Financial Crisis will strongly appeal to academics and postgraduate students in social policy, urban studies, public policy, economics, sociology and human geography. In addition, anyone with a general interest in globalization, neoliberalism and the changing nature of contemporary capitalist societies, as well as those with particular interests in housing markets and housing policy, will find this book enriching and enlightening.
Categories: Political Science

Global Housing Markets

Global Housing Markets

This is an appropriate time to pull together the lessons from these various experiences.

Author: Ashok Bardhan

Publisher: John Wiley & Sons

ISBN: 9781118144237

Category: Business & Economics

Page: 576

View: 132

A global look at the reasons behind the recent economiccollapse, and the responses to it The speculative bubble in the housing market began to burst inthe United States in 2007, and has been followed by ruptures invirtually every asset market in almost every country in the world.Each country proposed a range of policy initiatives to deal withits crisis. Policies that focused upon stabilizing the housingmarket formed the cornerstone of many of these proposals. Thisinternationally focused book evaluates the genesis of the housingmarket bubble, the global viral contagion of the crisis, and thepolicy initiatives undertaken in some of the major economies of theworld to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals withthe housing sector in addition to the financial sector ofindividual economies. Countries in many parts of the world wereplayers in either the financial bubble or the housing bubble, orboth, but the degree of impact, outcome, and responses variedwidely. This is an appropriate time to pull together the lessonsfrom these various experiences. Reveals the housing crisis in the United States as the core ofthe meltdown Describes the evolution of housing markets and policies in therun-up to the crisis, their impacts, and the responses in Europeanand Asian countries Compares experiences and linkages across countries and pointsto policy implications and research lessons drawn from theseexperiences Filled with the insights of well-known contributors with strongcontacts in practice and academia, this timely guide discusses thehistory and evolution of the recent crisis as local to eachcontributor's part of the world, and examines its distinctive andcommon features with that of the U.S., the trajectory of itsevolution, and the similarities and differences in policyresponse.
Categories: Business & Economics

The Global Financial Crisis and Housing

The Global Financial Crisis and Housing

Also, as is shown by Figure 4.1, the decrease in housing price after GFC is
minimal and housing price increases picked up at a fast pace after 2010. Thus,
despite current interest in depressions of housing markets, EWS construction for
only ...

Author: Susan Wachter

Publisher: Edward Elgar Publishing

ISBN: 9781783472888

Category: Business & Economics

Page: 368

View: 701

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
Categories: Business & Economics

Econometric Analyses of International Housing Markets

Econometric Analyses of International Housing Markets

The quartile regression's subprime dummy was negative and significant,
indicating that the averse impact of the financial crisis on housing prices. 8.7
Conclusion The subprime financial crisis had a negative impact on many
countries.

Author: Rita Yi Man Li

Publisher: Routledge

ISBN: 9781317587927

Category: Business & Economics

Page: 198

View: 203

This book explores how econometric modelling can be used to provide valuable insight into international housing markets. Initially describing the role of econometrics modelling in real estate market research and how it has developed in recent years, the book goes on to compare and contrast the impact of various macroeconomic factors on developed and developing housing markets. Explaining the similarities and differences in the impact of financial crises on housing markets around the world, the author's econometric analysis of housing markets across the world provides a broad and nuanced perspective on the impact of both international financial markets and local macro economy on housing markets. With discussion of countries such as China, Germany, UK, US and South Africa, the lessons learned will be of interest to scholars of Real Estate economics around the world.
Categories: Business & Economics

The Global Financial Crisis

The Global Financial Crisis

What began as a bursting of the U.S. housing market bubble and a rise in
foreclosures has ballooned into a global financial and economic crisis. Some of
the largest and most venerable banks, investment houses, and insurance
companies ...

Author: Dick Kazuyuki Nanto

Publisher: DIANE Publishing

ISBN: 9781437919844

Category: Financial crises

Page: 151

View: 493

Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.
Categories: Financial crises

Public Real Estate Markets and Investments

Public Real Estate Markets and Investments

Going forward, an important question is how mortgage markets will play out once
the housing market recovers from the hangover of the global financial crisis.
Lenders reduced the volume of new lending and imposed tight loan underwriting
 ...

Author: H. Kent Baker

Publisher: Oxford University Press

ISBN: 9780199993291

Category: Business & Economics

Page: 672

View: 885

Real estate is typically classified as an alternative to more traditional investments such as stocks and bonds. Real estate investing involves the purchase, ownership, management, rental, or sale of real estate for profit. Real estate investments can be both income producing and non-income producing. Although real estate can produce income like a bond and appreciate like a stock, this tangible asset has several unique characteristics as well as advantages and disadvantages relative to other investment alternatives. Benefits of including real estate in a portfolio include diversification, yield enhancement, risk reduction, tax management, and inflation hedging. Unlike traditional investments, investors in real estate have the ability to influence performance. Real estate has drawbacks in that it requires management, is costly and difficult to buy, sell, and operate, and sometimes has lower liquidity. Additionally, measuring the relative performance of real estate can be challenging. The purpose of this 14-chapter book is to provide an overview and synthesis of public real estate markets and investments in a global context. The book discusses the major types and the latest trends within public real estate markets and presents the results of research studies in a straightforward manner. It has three sections: (1) foundations of public real estate, (2) public debt markets and investments, and (3) public equity markets and investments. The book should be interest to various groups including academics, practitioners, investors, and students. Readers should gain a greater appreciation of what is needed for success when investing in public real estate markets. For more information about private real estate, read Private Real Estate Markets and Investments.
Categories: Business & Economics

Private Real Estate Markets and Investments

Private Real Estate Markets and Investments

... in the United States and Europe, as well as the past similar cases in Japan,
Sweden, and other countries, suggest that meanreverting housing prices are in
action. Furthermore, as shown during the global financial crisis (GFC) in 2007–
2009 ...

Author: H. Kent Baker

Publisher: Oxford University Press

ISBN: 9780199388776

Category: Business & Economics

Page: 336

View: 914

This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.
Categories: Business & Economics

The Global Financial Crisis

The Global Financial Crisis

The build-up in risk led to a bubble initially in the US housing market, which
contributed significantly to the build-up of risk within the US economy and later
spread to financial markets globally. When US household debt was repackaged
and ...

Author: Professor Tony Ciro

Publisher: Ashgate Publishing, Ltd.

ISBN: 9781409497905

Category: Business & Economics

Page: 266

View: 288

This book offers commentary and analysis on the catastrophic events which have recently confronted the international economy in the modern era and contrasts the current situation with other financial crises. It includes case studies on Lehman Brothers in the US, Babcock & Brown in Australia, and Northern Rock in the UK. Asking many pertinent questions about the causes of the crisis and its effects, the book explores fundamental themes such as: asset bubbles and speculation in the financial and non-financial markets, systemic risks and the role of regulation, and regulators. It also reviews the response of international institutions such as the IMF, the World Bank, the US Federal Reserve, the EU Central Bank and the G20. The book assesses the triggers of the crisis and evaluates rescue packages and policy responses as well as suggesting reform of regulatory and supervisory frameworks to maintain banking and modern financial systems in the future.
Categories: Business & Economics

Global Financial Crisis

Global Financial Crisis

The world now faces the worst financial and economic crisis since the Great
Depression. The bursting of the U.S. housing market bubble has sparked a ripple
effect that has grown to major proportions and is wreaking havoc on market after
 ...

Author: Dick K. Nanto

Publisher: DIANE Publishing

ISBN: 9781437920079

Category:

Page: 29

View: 973

Contents: (1) The Issue and Role of Congress; (2) Two Indicators of the Severity of the Crisis: Growth and Trade; (3) Political and Foreign Policy Effects of the Crisis: (a) Effects on Political Leadership; Regimes; Perceived Countries of Influence; and Stability, Violence, and Terrorism: Political Leadership; Perceived Countries of Influence; Stability, Violence, and Terrorism; (b) Effects on Economic Philosophies, State Capitalism, and Protectionism: Economic Philosophies: State Capitalism; Trade Protectionism; (c) Effects on U.S. Leadership and Attitudes Toward the U.S.; (d) Effects on Supranational Financial and Economic Org.; (e) Effects on Poverty: (f) Budgetary Effects on Resources for Aid, Diplomacy, and Defense. Charts and tables.
Categories:

The Financialization of Housing

The Financialization of Housing

It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.

Author: Manuel B. Aalbers

Publisher: Routledge

ISBN: 9781317361794

Category: Business & Economics

Page: 158

View: 875

Due to the financialization of housing in today’s market, housing risks are increasingly becoming financial risks. Financialization refers to the increasing dominance of financial actors, markets, practices, measurements and narratives. It also refers to the resulting structural transformation of economies, firms, states and households. This book asserts the centrality of housing to the contemporary capitalist political economy and places housing at the centre of the financialization debate. A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain its timing, politics and geography. Presenting a diverse range of case studies from the US, the UK, the Netherlands, Germany, Italy and Spain, the chapters in this book include coverage of the role of the state as the driver of financialization processes, and the part played by local and national histories and institutions. This cutting edge volume will pave the way for future research in the area. Where housing used to be something "local" or "national", the two-way coupling of housing to finance has been one crucial element in the recent crisis. It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.
Categories: Business & Economics

The Impact of the Subprime Crisis on Global Financial Markets Banks and International Trade

The Impact of the Subprime Crisis on Global Financial Markets  Banks and International Trade

2.0 Introduction Three financial experts are widely acclaimed to have predicted
the global financial crisis. Nouriel Roubini is considered to be the father of the
crisis as he anticipated the coming collapse of the US housing market. Charles ...

Author: Indranarain Ramlall

Publisher: Cambridge Scholars Publishing

ISBN: 9781443868587

Category: Business & Economics

Page: 193

View: 310

With the occurrence of the US crisis, international focus has shifted from finance to financial stability. This book offers analyses of financial stability risk assessment at three main levels – namely international financial markets, banks and international trade – with the research being innovative, timely and much needed in terms of policy implications. New approaches to policy-making are also suggested to deal with the three crises that presently buffet the world: the debt crisis, an ageing population and climate change.
Categories: Business & Economics

Africa and the Global Financial Crisis

Africa and the Global Financial Crisis

Financial. Crisis. on. Health. and. Education. Sectors. in. Nigeria. Abigail Ngozi
Alio1 Abstract The global financial crisis evolved from the bursting of the
speculative bubble in the US housing market as well as the failure of regulation
and ...

Author: Reuben Adeolu Alabi

Publisher: LIT Verlag Münster

ISBN: 9783643106483

Category: Social Science

Page: 429

View: 171

In this volume of the African Development Perspectives Yearbook series, the Research Group on African Development Perspectives investigates the impact of the Global Financial Crisis (GFC) on economic reform processes in Africa. The analysis is structured in such a way so as to reflect the opportunities and dangers of policy reversals in the face of the GFC. The impact of the crisis on different types and forms of governance in the region is considered. The first question is therefore which macro-economic policy instruments have to be applied in order to overcome the crisis and to continue with sustainable development. The second question is how the GFC has affected Africa's external economic relations and if the path of opening up to the world markets is to be continued. The third question raised is how the crisis has affected social cohesion, impacted poverty alleviation strategies and the achievement of Millennium Development Goals (MDGs). All these questions are discussed in the various contributions which comprise general studies and country case studies. The book also looks into the role of international financial institutions during and after the crisis. (Series: African Development Perspectives Yearbook - Vol. 15)
Categories: Social Science

Private Rental Housing

Private Rental Housing

The crisis and its aftermath had major impacts on the operation of housing
markets across the developed world, not the least ... countries' housing markets
and the impact that the credit boom and subsequent global financial crisis had on
them.

Author: Tony Crook

Publisher: Edward Elgar Publishing

ISBN: 9781781954164

Category: Business & Economics

Page: 264

View: 716

A new focus on private renting has been brought into sharp relief by the global financial crisis, with its profound impact on mortgage finance, housing markets and government budgets. Written by specially commissioned international experts and s
Categories: Business & Economics

The Impact of the Global Financial Crisis on Housing Finance

The Impact of the Global Financial Crisis on Housing Finance

The current 2008 global financial crisis did not arrive without any early warnings,
though. ... In 2005, in an article entitled “The Global Housing Boom", The
Economist magazine said that “the worldwide rise in house prices is the biggest
bubble ...

Author:

Publisher: Un Habitat

ISBN: 9211323339

Category: Financial crises

Page: 80

View: 720

The Global Urban Economic Dialogue series presented here is a platform for all sectors of the society to address urban economic development and particularly its contribution to addressing housing issues. This work carries many new ideas, solutions and innovative best practices from some of the world's leading urban thinkers and practitioners from international organisations, national governments, local authorities, the private sector, and civil society.
Categories: Financial crises

France

France

Financial Sector Assessment Program—Technical Note on Housing Prices and
Financial Stability International ... During the 2008—09 financial crisis, house
prices fell by just 9 percent from peak-to-trough, compared with more than 30 ...

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

ISBN: 9781484399156

Category: Business & Economics

Page: 53

View: 443

This technical note examines housing prices and financial stability in France. The note highlights that sharply rising housing prices have caused concerns about mortgage credit risk and the stability of the financial system, particularly if the macroeconomic environment were to deteriorate further. France’s housing market proved resilient during the crisis, declining by about 9 percent from its precrisis peak before rebounding since mid-2009 to surpass its precrisis peak. This resilience has reflected a confluence of fundamental, macroeconomic, financial, and asset allocation factors that have caused the demand for housing to remain well in excess of supply.
Categories: Business & Economics

Global Economic Watch Impact on Accounting

Global Economic Watch  Impact on Accounting

MAJOR EVENTS IN THE GLOBAL CRISIS The global financial crisis is the result
of cascading effects. Trouble in the housing market led to trouble for home
building companies and companies associated with housing, such as furniture ...

Author: Global Economics Crisis Resource Center

Publisher: Cengage Learning

ISBN: 9781111810030

Category: Business & Economics

Page: 32

View: 832

Global Economic Watch modules contain 16 common pages exploring the historical factors building toward the current economic Watch. The next sections focus on the impact on the particular discipline. Each module contains web access code to robust website updated four times daily through Gale database. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Categories: Business & Economics

Law Economics and Finance of the Real Estate Market

Law  Economics and Finance of the Real Estate Market

Chapter 8 The Effect of the Global Subprime Financial Crisis on the
Macroeconomy and the Housing Market in the UK Rita Yi Man Li and Lokki Mak
Abstract The housing bubble's boom and bust made a significant contribution to
the financial ...

Author: Rita Yi Man Li

Publisher: Springer Science & Business Media

ISBN: 9783642542459

Category: Law

Page: 146

View: 874

The symbiosis between the law, economics and finance is evidenced in our daily lives. This book elucidates the relationship between these factors in Singapore and Hong Kong in direct and indirect real estate market. In Singapore, for example, there is an inseparable relationship between law, economics, finance and the HDB market. The book also showcases the concept of invitation to treat and offer, monetary compensation for environmental externalities under the lens of institutional economics. It also sheds light on the relationship between financial crisis, regulations, housing prices and indirect real estate market.
Categories: Law

Housing Finance in Emerging Markets

Housing Finance in Emerging Markets

The recent crisis in housing finance, while affecting advanced economies most
severely, holds important lessons for ... and foreign capital market funds for the
housing sector in quidity crisis that morphed into a global economic crisis brought
a ...

Author: Doris Köhn

Publisher: Springer Science & Business Media

ISBN: 3540778578

Category: Business & Economics

Page: 244

View: 685

The growth of urban areas and population in middle and low income countries is a continuing trend. Urbanization expands as rural to urban migration offers better income opportunities in cities. This trend is both a source of development opportunities and challenges for the housing sector. On the one hand, housing is a large and growing market, and on the other, massive slums confirm the poor housing conditions in many developing countries. These adverse conditions mirror inadequate housing policies, inefficient or absent property registration, as well as limits to access to housing finance. Provision of affordable housing is therefore an important topic in the fight against poverty. This book focuses on solutions that improve the enabling environment for the poor in accessing housing finance. It explores how to develop and integrate housing finance into a sustainable financial system for developing countries and offers ways in which low-income families can obtain better access to housing finance. This book provides a conceptual framework for housing finance development and addresses practical solutions in the provision of housing finance and compares different approaches.
Categories: Business & Economics

Housing Markets and Policy

Housing  Markets and Policy

housing. Peter. Malpass. and. Rob. Rowlands. In Britain it is the run on the
Northern Rock Bank, one of the country's top five mortgage lenders, in August
2007 that symbolises the start of what turned out to be a global financial crisis of
epic ...

Author: Peter Malpass

Publisher: Routledge

ISBN: 9781135217099

Category: Architecture

Page: 280

View: 443

This book of specially commissioned essays by distinguished housing scholars addresses the big issues in contemporary debates about housing and housing policy in the UK. Setting out a distinctive and coherent analysis, it steers a course between those accounts that rely on economic theory and analysis and those that emphasize policy. It is informed by the idea that the 1970s was a pivotal decade in the second half of the twentieth century, and that since that time there has been a profound transformation in the housing system and housing policy in the UK. The contributors describe, analyze and explain aspects of that transformation, as a basis for understanding the present and thinking about the future. The analysis of housing is set within an understanding of the wider changes affecting the economy and the welfare state since the crises of the mid 1970s.
Categories: Architecture

Lessons from the Financial Crisis

Lessons from the Financial Crisis

... in almost every asset market in the world (including commodities) starting with
the US. housing market. The burst of these asset bubbles was the main trigger of
the global financial crisis. Other reasons that are specific to the financial sector, ...

Author: Robert W. Kolb

Publisher: John Wiley & Sons

ISBN: 0470622415

Category: Business & Economics

Page: 667

View: 334

The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.
Categories: Business & Economics