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The importance of property markets for monetary policy and financial stability

In: Real estate indicators and financial stability

Author

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  • Haibin Zhu

    (Bank for International Settlements)

Abstract
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Suggested Citation

  • Haibin Zhu, 2005. "The importance of property markets for monetary policy and financial stability," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 9-29, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:21-03
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    References listed on IDEAS

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    1. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
    2. Akash Deep & Dietrich Domanski, 2002. "Housing markets and economic growth: lessons from the US refinancing boom," BIS Quarterly Review, Bank for International Settlements, September.
    3. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 14(3), pages 54-80, Autumn.
    4. Claudio Borio & Patrick McGuire, 2004. "Twin peaks in equity and housing prices?," BIS Quarterly Review, Bank for International Settlements, March.
    5. Claudio Borio & Craig Furfine & Philip Lowe, 2001. "Procyclicality of the financial system and financial stability: issues and policy options," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 1-57, Bank for International Settlements.
    6. Boris Hofmann, 2001. "The determinants of private sector credit in industrialised countries: do property prices matter?," BIS Working Papers 108, Bank for International Settlements.
    7. Andrew Crockett & Roger W Ferguson & Otmar Issing & Michael Mussa & Yutaka Yamaguchi, 2003. "Monetary stability, financial stability and the business cycle: five views," BIS Papers, Bank for International Settlements, number 18.
    8. Davis, E. Philip & Zhu, Haibin, 2011. "Bank lending and commercial property cycles: Some cross-country evidence," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 1-21, February.
    9. Bradford Case & William Goetzmann & K. Rouwenhorst, 1999. "Global Real Estate Markets: Cycles And Fundamentals," Yale School of Management Working Papers ysm20, Yale School of Management, revised 01 Jan 2001.
    10. Patric H. Hendershott, 1994. "Rental adjustment and valuation of real estate in overbuilt markets: fundamental versus reported office market values in Sydney, Australia," ERES eres1994_138, European Real Estate Society (ERES).
    11. Patric H. Hendershott, 1994. "Rental Adjustment & Valuation of Real Estate in Overbuilt Markets: Fundamental vs. Reported Office Market Values in Sydney Australia," NBER Working Papers 4775, National Bureau of Economic Research, Inc.
    12. Claudio E. V. Borio, 1995. "The structure of credit to the non-goverment sector and the transmission mechanism of monetary policy: a cross-country comparison," BIS Working Papers 24, Bank for International Settlements.
    13. Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
    14. repec:arz:wpaper:eres1994-138 is not listed on IDEAS
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    Cited by:

    1. Chang, Kuang-Liang, 2020. "Are cyclical patterns of international housing markets interdependent?," Economic Modelling, Elsevier, vol. 88(C), pages 14-24.
    2. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW Kiel).
    3. George Apostolakis & Athanasios P. Papadopoulos, 2019. "Financial Stability, Monetary Stability and Growth: a PVAR Analysis," Open Economies Review, Springer, vol. 30(1), pages 157-178, February.
    4. Samya Beidas-Strom & Weicheng Lian & Ashwaq Maseeh, 2009. "The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications," IMF Working Papers 2009/288, International Monetary Fund.
    5. Tamara Slišković, 2018. "Analiza međuovisnosti stambenog tržišta i makroekonomskog sustava u Hrvatskoj," EFZG Occasional Publications (Department of Macroeconomics), in: Zbornik radova znanstvenog skupa: Modeli razvoja hrvatskog gospodarstva, (ur. Družić, G.; Družić, I., izdavač: Ekonomski fakultet Zagreb; Hrvatska aka, edition 1, volume 1, chapter 11, pages 247-280, Faculty of Economics and Business, University of Zagreb.
    6. Robert J. Hill & Miriam Steurer, 2020. "Commercial Property Price Indices and Indicators: Review and Discussion of Issues Raised in the CPPI Statistical Report of Eurostat (2017)," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 66(3), pages 736-751, September.
    7. Osborne, Jenny, 2005. "Housing in the Euro Area Twelve Markets One Money," Quarterly Bulletin Articles, Central Bank of Ireland, pages 87-114, October.
    8. Krzysztof Olszewski, 2013. "The Commercial Real Estate Market, Central Bank Monitoring and Macroprudential Policy," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(2), pages 213-250, December.
    9. Yuqing Hu & Piyush Tiwari, 2021. "Examining the Macroeconomic Determinants of Property Cycles in Australia," International Real Estate Review, Global Social Science Institute, vol. 24(2), pages 293-322.
    10. Horst Gischer & Mirko Weiß, 2007. "Entwicklung der Immobilienpreise im Euroraum: Bestandsaufnahme und makroökonomische Konsequenzen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(19), pages 27-42, October.
    11. Sae Park & Doo Bahng & Yun Park, 2010. "Price Run-up in Housing Markets, Access to Bank Lending and House Prices in Korea," The Journal of Real Estate Finance and Economics, Springer, vol. 40(3), pages 332-367, April.
    12. Wilson Sy, 2007. "A Causal Framework for Credit Default Theory," Research Paper Series 204, Quantitative Finance Research Centre, University of Technology, Sydney.
    13. Rehman, Saira & Moutinho, Nuno & Alves, Jorge, 2020. "The Relationship Between Portuguese Economy Indicators And Housing Prices," Journal of Tourism, Sustainability and Well-being, Cinturs - Research Centre for Tourism, Sustainability and Well-being, University of Algarve, vol. 8(4), pages 270-286.

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