Author: Hee-Soo ChungPublisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Housing Speculation and Housing Price Bubble in Korea
Author: Hee-Soo ChungCan Housing Prices be Justified by Economic Fundamentals? Evidence from Regional Housing Markets in Korea
Author: Jan R. KimPublisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
In this study, we use a present-value approach to examine the dynamics of six regional housing markets in Korea. The large upswing in the price-rent ratio accompanied by intermittent ups and downs, which are typical features of the Korean housing market since the mid-1980s, is captured by a periodically collapsing bubble incorporated into an otherwise standard present-value model. The movements in the actual price-rent ratio are then decomposed into movements explained by the expectations of housing market fundamentals (i.e., rent growth, risk-free interest rate, and excess returns from housing investment) and the speculative bubble. In all the six regional markets, most of the variations in the fundamental part of the price-rent ratio are explained by the expected risk premium of housing investment and the expected risk-free returns, whereas the expected rent growth account for relatively small fractions of the variations. The bubble has continuously accumulated since the early 2000s in all the six regions and has reached as high as 70% of house price by the end of 2017.
The Housing Boom and Bust
Author: Thomas SowellPublisher: Basic Books (AZ)
ISBN: 0465018807
Category : Business & Economics
Languages : en
Pages : 194
Book Description
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
Housing Prices and the Role of Speculation
Author: The Impact of Real Estate Speculation Control Policy
Author: Meesung HaPublisher:
ISBN:
Category : Real estate business
Languages : en
Pages : 302
Book Description
Famous First Bubbles
Author: Peter M. GarberPublisher: MIT Press
ISBN: 9780262571531
Category : Business & Economics
Languages : en
Pages : 180
Book Description
The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble," "tulipmania," "chain letter," "Ponzi scheme," "panic," "crash," "herding," and "irrational exuberance." Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event. In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.
Compounding Financial Repression with Rigid Urban Regulations
Author: Bertrand RenaudPublisher: World Bank Publications
ISBN:
Category : City planning
Languages : en
Pages : 36
Book Description
Global Housing Markets
Author: Ashok BardhanPublisher: John Wiley & Sons
ISBN: 1118144236
Category : Business & Economics
Languages : en
Pages : 576
Book Description
A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.
NBER Macroeconomics Annual 2015
Author: Martin EichenbaumPublisher: University of Chicago Press
ISBN: 022639574X
Category : Business & Economics
Languages : en
Pages : 517
Book Description
This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycles in China's Macroeconomy” by Chun Chang, Kaiji Chen, Daniel F. Waggoner, and Tao Zha outlines the key characteristics of growth and business cycles in China. “Demystifying the Chinese Housing Boom” by Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou constructs a new house price index, showing that Chinese house prices have grown by ten percent per year over the past decade. The third paper, “External and Public Debt Crises” by Cristina Arellano, Andrew Atkeson, and Mark Wright, asks why there appear to be large differences across countries and subnational jurisdictions in the effect of rising public debts on economic outcomes. The fourth, “Networks and the Macroeconomy: An Empirical Exploration” by Daron Acemoglu, Ufuk Akcigit, and William Kerr, explains how the network structure of the US economy propagates the effect of gross output productivity shocks across upstream and downstream sectors. The fifth and sixth papers investigate the usefulness of surveys of household’s beliefs for understanding economic phenomena. “Expectations and Investment,” by Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, demonstrates that a chief financial officer's expectations of a firm's future earnings growth is related to both the planned and actual future investment of that firm. “Declining Desire to Work and Downward Trends in Unemployment and Participation” by Regis Barnichon and Andrew Figura shows that an increasing number of prime-age Americans who are not in the labor force report no desire to work and that this decline accelerated during the second half of the 1990s.
Housing in a Newly Industrialized Economy
Author: Il-Seong YoonPublisher:
ISBN:
Category : Political Science
Languages : en
Pages : 232
Book Description
Analyzes Korea's structure of owner-occupied housing provisions in light of the rapid urbanization of the country over the past few years. Places the analysis within an account of the larger relations between the state and the economy, details the social and economic consequences of recent housing policies, and argues that conventional studies based on state-centered social policy analysis or neoclassical economics are not sufficient. Distributed in the US by Ashgate. Annotation copyright by Book News, Inc., Portland, OR