Global Housing Markets (eBook)

Crises, Policies, and Institutions

Ashok Bardhan, Robert Edelstein, Cynthia Kroll (Herausgeber)

eBook Download: PDF

2011 | 1. Auflage
576 Seiten
John Wiley & Sons (Verlag)
978-1-118-14421-3 (ISBN)

Infos

A global look at the reasons behind the recent economic
collapse, and the responses to it

The speculative bubble in the housing market began to burst in
the United States in 2007, and has been followed by ruptures in
virtually every asset market in almost every country in the world.
Each country proposed a range of policy initiatives to deal with
its crisis. Policies that focused upon stabilizing the housing
market formed the cornerstone of many of these proposals. This
internationally focused book evaluates the genesis of the housing
market bubble, the global viral contagion of the crisis, and the
policy initiatives undertaken in some of the major economies of the
world to counteract its disastrous affects.

Unlike other books on the global crisis, this guide deals with
the housing sector in addition to the financial sector of
individual economies. Countries in many parts of the world were
players in either the financial bubble or the housing bubble, or
both, but the degree of impact, outcome, and responses varied
widely. This is an appropriate time to pull together the lessons
from these various experiences.

* Reveals the housing crisis in the United States as the core of
the meltdown

* Describes the evolution of housing markets and policies in the
run-up to the crisis, their impacts, and the responses in European
and Asian countries

* Compares experiences and linkages across countries and points
to policy implications and research lessons drawn from these
experiences

Filled with the insights of well-known contributors with strong
contacts in practice and academia, this timely guide discusses the
history and evolution of the recent crisis as local to each
contributor's part of the world, and examines its distinctive and
common features with that of the U.S., the trajectory of its
evolution, and the similarities and differences in policy
response.

Autor

ASHOK BARDHAN is Senior Research Associate, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley. ROBERT H. EDELSTEIN is Professor, Maurice Mann Chair in Real Estate, Haas School of Business, University of California, Berkeley. CYNTHIA A. KROLL is Executive Director, Staff Research and Senior Regional Economist, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley.

Inhalt

Acknowledgments ix

Editor's Note xi

1 The Financial Crisis and HousingMarkets Worldwide:Similarities, Differences, and Comparisons 1
Ashok Bardhan, Robert H. Edelstein, and Cynthia A.Kroll

PART I The United States Leads the Housing Bubble'sRise and Collapse

2 The U.S. HousingMarket and the Financial Crisis 23
Ashok Bardhan, Robert H. Edelstein, and Cynthia A.Kroll

PART II The European Union--One Continent, Many Markets:A Gauge of Government Institutions and Interventions

3 The 2008 Financial Crisis and the Danish Mortgage Market53
Jacob Gyntelberg, Kristian Kjeldsen, Morten BaekmandNielsen, and Mattias Persson

4 Prolonged Crisis 69
Thies Lindenthal and Piet Eichholtz

5 The Dynamics of the Irish HousingMarket 101
Simon Stevenson

6 House Prices and Market Institutions: The Dutch Experience135
Dirk Brounen and Piet Eichholtz

7 Real Estate Boom and Crisis in Spain 157
Antoni Sureda-Gomila

8 The UK and Europe's Selective Housing Bubble173
Christine Whitehead and Kathleen Scanlon

PART III Eastern Europe: European Emerging Markets Ride theWaves

9 The HousingMarket in Russia: Lessons of the Mortgage Crisis195
Nadezhda Kosareva and Andrey Tumanov

10 The HousingMarket and Housing Finance in Russia and ItsRegions: A Quantitative Analysis 229
Carsten Sprenger and Branko Urocaronsevi´c

11 The HousingMarket in Serbia in the Past Decade 247
Dejan Scaronoscaronkic´, Branko Uroscaronevic´,Boscaronko Zcaron ivkovic´, and MiloscaronBozcaronovic´

PART IV Asia Housing Bubbles Past, Present, and Future:Contrasts among Asian Economic Giants

12 Irrational Prosperity, HousingMarket, and FinancialCrisis: An Empirical Study of Beijing 271
Lu Ping, Zhen Hui, and Xu Yuehong

13 HomeMortgage and Real Estate Market in Shanghai 295
Jie Chen

14 Evolution of the Indian Housing Finance System andHousingMarket 319
R. V. Verma

15 The HousingMarket and Housing Finance under Liberalizationin India 343
C. P. Chandrasekhar

16 The Recent Financial Crisis and the HousingMarket in Japan357
Miki Seko, Kazuto Sumita, and Michio Naoi

PART V Managing Housing Bubbles and Housing Markets inDiverse Asian Economies

17 Comparing Two Financial Crises: The Case of Hong Kong RealEstate Markets 377
Charles Ka Yui Leung and Edward Chi Ho Tang

18 The Global Financial Crisis and the Korean Housing Sector:How Is This Time Different from the 1997 Asian Financial Crisis?399
Kyung-Hwan Kim

19 Government Policy, Housing Finance, and Housing Productionin Singapore 421
Lum Sau Kim

20 Taiwan: Housing Bubbles and Affordability 447
Chin-Oh Chang and Ming-Chi Chen

PART VI Avoiding Contagion in Other Markets

21 Australia's Economic Response to the GlobalFinancial Crisis and Its HousingMarkets 467
Dogan Tirtiroglu

22 The Financial Crisis and Brazil's ExpandingHousingMarket 491
Emilio Haddad and Joao Meyer

23 The Canadian HousingMarket: No Bubble? No Meltdown?511
Tom Carter

24 Partly Cloudy to Clear: The Israeli Economy and the LocalHousingMarket under the Storm of the World Financial Crisis535
Danny Ben-Shahar and Jacob Warszawski

Index 557

Produkt-Details

• Erscheint lt. Verlag: 13.10.2011
• Reihe/Serie: Robert W. Kolb Series
• Reihe/Serie: Robert W. Kolb Series
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft
• Schlagworte: Finance & Investments • Finanz- u. Anlagewesen • Institutional & Corporate Finance • Institutionelle Finanzplanung
• ISBN-10: 1-118-14421-X / 111814421X
• ISBN-13: 978-1-118-14421-3 / 9781118144213