International capital flows and expectation-driven boom-bust cycles in the housing market

Hajime Tomura*

*この研究の対応する著者

研究成果: Article査読

16 被引用数 (Scopus)

抄録

This paper analyzes the roles of credit market conditions in endogenous formation of housing-market boom-bust cycles in a business cycle model. When households are uncertain about the duration of a temporary high income growth period, expected future house prices rise during the high growth period and fall at the end of the period. But this development causes expectation-driven boom-bust cycles in current house prices only if the economy is open to international capital flows. It is also shown that high maximum loan-to-value ratios for residential mortgages per se do not cause boom-bust cycles without international capital flows in the model.

本文言語English
ページ(範囲)1993-2009
ページ数17
ジャーナルJournal of Economic Dynamics and Control
34
10
DOI
出版ステータスPublished - 2010 10月 1
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 制御と最適化
  • 応用数学

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