کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099668 | 1377022 | 2009 | 17 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
International capital flows and expectation-driven boom-bust cycles in the housing market
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: International capital flows and expectation-driven boom-bust cycles in the housing market International capital flows and expectation-driven boom-bust cycles in the housing market](/preview/png/5099668.png)
چکیده انگلیسی
This paper analyzes the roles of credit market conditions in endogenous formation of housing-market boom-bust cycles in a business cycle model. When households are uncertain about the duration of a temporary high income growth period, expected future house prices rise during the high growth period and fall at the end of the period. But this development causes expectation-driven boom-bust cycles in current house prices only if the economy is open to international capital flows. It is also shown that high maximum loan-to-value ratios for residential mortgages per se do not cause boom-bust cycles without international capital flows in the model.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 10, October 2010, Pages 1993-2009
Journal: Journal of Economic Dynamics and Control - Volume 34, Issue 10, October 2010, Pages 1993-2009
نویسندگان
Hajime Tomura,