This paper analyzes the effects of bank lending on German commercial property prices. The theory on the role of financial intermediaries in business cycle activity (with variations on this theme referred to as models of the credit channel, agency cost models, or financial accelerator models)...

This paper analyzes the effects of speculative taxes on real estate market. The government of Hong Kong has repeatly adopted various anti-speculative measures to curve rapidly rising housing prices in recent years. In Hong Kong, developers typically sell apartment units one year before the...