Financial constraints and house prices: an international perspective
Autor(a) principal: | |
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Data de Publicação: | 2000 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12097 |
Resumo: | In this paper, we show substantial empirical evidence that house prices are more sensitive to shocks to percapita income, in countries where housing finance is more developed. This result is consistent with the theoretical framework developed in the paper, where we study the impact ofprogressive relaxation of financiai constraints on housing demand and equilibrium house prices. Our results are consistent with recent literature on financiai constraints and business investment, which argues that the investment of less constrained firms can be more sensitive to changes in cash flow. More broadly, our results challenge the traditional view that financiai development leads to smaller fluctuations in key economic variables. The policy implications are c1ear and important. Even iffinancial development is desirable for other reasons, the potential associated increase in volatility should be an explicit policy concern. |
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Almeida, HeitorEscolas::EPGEFGV2014-10-14T12:34:20Z2014-10-14T12:34:20Z2000-06-15http://hdl.handle.net/10438/12097In this paper, we show substantial empirical evidence that house prices are more sensitive to shocks to percapita income, in countries where housing finance is more developed. This result is consistent with the theoretical framework developed in the paper, where we study the impact ofprogressive relaxation of financiai constraints on housing demand and equilibrium house prices. Our results are consistent with recent literature on financiai constraints and business investment, which argues that the investment of less constrained firms can be more sensitive to changes in cash flow. More broadly, our results challenge the traditional view that financiai development leads to smaller fluctuations in key economic variables. The policy implications are c1ear and important. Even iffinancial development is desirable for other reasons, the potential associated increase in volatility should be an explicit policy concern.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisas Econômica da FGVTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessFinancial constraints and house prices: an international perspectiveinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaFinançasreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000301796.pdf000301796.pdfapplication/pdf2232139https://repositorio.fgv.br/bitstreams/c9478711-46fd-413d-8783-c973778dd754/downloade6bc08b71a9a64f15196215752f28d9dMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/e916c81d-f028-4060-b162-5a2333b1c8d0/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000301796.pdf.txt000301796.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Financial constraints and house prices: an international perspective |
title |
Financial constraints and house prices: an international perspective |
spellingShingle |
Financial constraints and house prices: an international perspective Almeida, Heitor Economia Finanças |
title_short |
Financial constraints and house prices: an international perspective |
title_full |
Financial constraints and house prices: an international perspective |
title_fullStr |
Financial constraints and house prices: an international perspective |
title_full_unstemmed |
Financial constraints and house prices: an international perspective |
title_sort |
Financial constraints and house prices: an international perspective |
author |
Almeida, Heitor |
author_facet |
Almeida, Heitor |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Almeida, Heitor |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Finanças |
dc.subject.bibliodata.por.fl_str_mv |
Finanças |
description |
In this paper, we show substantial empirical evidence that house prices are more sensitive to shocks to percapita income, in countries where housing finance is more developed. This result is consistent with the theoretical framework developed in the paper, where we study the impact ofprogressive relaxation of financiai constraints on housing demand and equilibrium house prices. Our results are consistent with recent literature on financiai constraints and business investment, which argues that the investment of less constrained firms can be more sensitive to changes in cash flow. More broadly, our results challenge the traditional view that financiai development leads to smaller fluctuations in key economic variables. The policy implications are c1ear and important. Even iffinancial development is desirable for other reasons, the potential associated increase in volatility should be an explicit policy concern. |
publishDate |
2000 |
dc.date.issued.fl_str_mv |
2000-06-15 |
dc.date.accessioned.fl_str_mv |
2014-10-14T12:34:20Z |
dc.date.available.fl_str_mv |
2014-10-14T12:34:20Z |
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info:eu-repo/semantics/article |
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article |
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dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12097 |
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http://hdl.handle.net/10438/12097 |
dc.language.iso.fl_str_mv |
eng |
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eng |
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Seminários de pesquisas Econômica da FGV |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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