This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of capital and labor towards inefficient firms. I establish that the rise in real estate value during the US housing boom relaxes firms' financial constraints. Companies borrow...

"Housing finance structures and Institutional and regulatory/fiscal aspects in housing have changed significantly in recent years. This book examines the development in housing markets in Europe and the US, and looks at ways to make housing more affordable and housing market developments more...

Introduction / Tony Crook and Peter A. Kemp -- Germany / Peter A. Kemp and Stefan Kofner -- The Netherlands / Marietta E.A. Haffner -- Spain / Montserrat Pareja-Eastaway and María Teresa Sánchez-Martínez -- Denmark / Hans Skifter Andersen -- Norway / Mary-Ann Stamsø -- Australia / Kath Hulse...