Bardhan / Edelstein / Kroll Global Housing Markets

Crises, Policies, and Institutions
1. Auflage 2011
ISBN: 978-1-118-14423-7
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 576 Seiten, E-Book

Reihe: Robert W. Kolb Series

A global look at the reasons behind the recent economiccollapse, and the responses to it
The speculative bubble in the housing market began to burst inthe United States in 2007, and has been followed by ruptures invirtually every asset market in almost every country in the world.Each country proposed a range of policy initiatives to deal withits crisis. Policies that focused upon stabilizing the housingmarket formed the cornerstone of many of these proposals. Thisinternationally focused book evaluates the genesis of the housingmarket bubble, the global viral contagion of the crisis, and thepolicy initiatives undertaken in some of the major economies of theworld to counteract its disastrous affects.
Unlike other books on the global crisis, this guide deals withthe housing sector in addition to the financial sector ofindividual economies. Countries in many parts of the world wereplayers in either the financial bubble or the housing bubble, orboth, but the degree of impact, outcome, and responses variedwidely. This is an appropriate time to pull together the lessonsfrom these various experiences.
* Reveals the housing crisis in the United States as the core ofthe meltdown
* Describes the evolution of housing markets and policies in therun-up to the crisis, their impacts, and the responses in Europeanand Asian countries
* Compares experiences and linkages across countries and pointsto policy implications and research lessons drawn from theseexperiences
Filled with the insights of well-known contributors with strongcontacts in practice and academia, this timely guide discusses thehistory and evolution of the recent crisis as local to eachcontributor's part of the world, and examines its distinctive andcommon features with that of the U.S., the trajectory of itsevolution, and the similarities and differences in policyresponse.

Autoren/Hrsg.

Bardhan, Ashok

Edelstein, Robert

Kroll, Cynthia

Inhaltsverzeichnis

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

Über Autor(innen)

Ashok Bardhan is Senior Research Associate, Fisher Center forReal Estate and Urban Economics, Haas School of Business,University of California, Berkeley.
Robert H. Edelstein is Professor, Maurice Mann Chair in RealEstate, Haas School of Business, University of California,Berkeley.
Cynthia A. Kroll is Executive Director, Staff Research andSenior Regional Economist, Fisher Center for Real Estate and UrbanEconomics, Haas School of Business, University of California,Berkeley.