The paper investigates the impact of global liquidity, proxied by funding liquidity, on house prices around the world. Focusing on the repo markets in US, Europe, UK and Japan, we document that changes in liquidity are related to cross-border bank flows and affect house prices. Highlighting the...

The paper investigates the impact of global liquidity on house prices around the world using a novel proxy measured by the funding availability to global banks in the main financial centers. We find supporting evidence that global conditions from the financial centers are transmitted to local...

In this paper we study the implications for house price dynamics of the ongoing financializa- tion of housing, focusing on the role of real estate investment trusts (REITs). Building on the dramatic rise in REITs valuation in the last decade, we ask whether housing markets exposure to financial...