China’s outsized real estate sector has long been a key engine of growth. However, with decades of construction at break-neck speeds having produced a massive increase in the quantity and quality of China’s housing stock, the question arises as to whether diminishing returns are beginning to...

The decline in housing affordability over recent decades has promoted an enhanced interest in housing supply. This chapter presents descriptive evidence about the evolution of us housing prices, quantities, and regulations since 1980, indicating that supply constraints appear to be increasingly...

China's fast economic growth over the past 40 years has been accompanied by an increasingly rapid rate of urbanization, from about 20% in the early 1980s to 60% in 2018. In addition to natural population growth, rural-urban migration is generally believed to be a dominant driving force....

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where imbalances might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China’s rapidly...

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where excess supply might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China’s rapidly...

This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where imbalances might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China's rapidly...

Während in der ökonomischen Literatur Immobilienpreise hauptsächlich mit Ausstattungsmerkmalen erklärt werden, wird die Frage nach dem Einfluss der Anbieterform erstaunlich selten gestellt. Dies ist umso bemerkenswerter, da Anbietereinflüsse in öffentlichen Debatten, z.B. über die...

As in most OECD countries, obtaining good-quality housing in a location facilitating access to jobs, public services and amenities can be very challenging for Italian households with low or unstable income. This book sheds light on access to housing in Italy from two different, complementary...

The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...

Multilokal Lebende nutzen sehr unterschiedliche Behausungen an den jeweiligen Wohnsitzen. Dies korrespondiert mit der Vielzahl an Formen dieser Lebensweise, die sich quer durch alle Schichten der Bevölkerung zieht und sich vermutlich weiter ausbreiten wird. Es ist davon auszugehen, dass...

Multilokal Lebende nutzen sehr unterschiedliche Behausungen an den jeweiligen Wohnsitzen. Dies korrespondiert mit der Vielzahl an Formen dieser Lebensweise, die sich quer durch alle Schichten der Bevölkerung zieht und sich vermutlich weiter ausbreiten wird. Es ist davon auszugehen, dass...

Using a dynamic stochastic general equilibrium model (DSGE) with the housing sector, this paper evaluates the impact of housing collateral on the business cycle in the Czech economy. We devote special attention to the setting of the loan to value (LTV) ratio, which we believe plays an important...

How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit repayments raise banks' net worth and expand...

How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble initially raises housing credit demand and crowds out credit to non-housing firms. If the bubble lasts, however, housing credit repayments raise banks' net worth and expand...