The recent global financial crisis has highlighted the potential conflict between improving
access to housing finance and maintaining financial stability. Using a new dataset on …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

We provide an overview of the recent developments of the literature on the determinants of
long-term capital flows, global imbalances, and valuation effects. We present the main …

This paper studies the potential gains of monetary and macro-prudential policies that lean
against house-price and credit cycles. We rely on a model that features Borrowers and …

In this paper, we first compare house price cycles in advanced and emerging economies
using a new quarterly house price data set covering the period 1990–2012. We find that …

House prices and exchange rates can potentially amplify the expansionary effect of capital
inflows. We first set up a model of collateralized borrowing in domestic and foreign currency …

Financial innovation and overconfidence about the risk of new financial products were key
factors behind the 2008 US credit crisis. We show that a model with a collateral constraint in …

This paper examines whether the falling house price causes credit risk or not in China. We
note that bidirectional causal relationships exist in several sub-periods using sub-sample …

We show that in an open-economy OLG model, the interaction between growth differentials
and household credit constraints—more severe in fast-growing countries—can explain three …

The last fifteen years have been marked by a dramatic boom-bust cycle in real estate prices,
a pattern unprecedented both in amplitude and in scope that affected many countries …