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The Global Financial Crisis and Housing

A New Policy Paradigm Edited by Susan Wachter, Professor, Real Estate and Finance, University of Pennsylvania, US, Man Cho, Professor, Public Policy and Management, KDI School, Korea and Moon Joong Tcha, Senior Fellow, Center for International Development, Korea Development Institute, Korea
This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two.

Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view and understanding of these linkages? This detailed book answers these questions in an international comparative perspective. Specific topics covered include macroeconomic transmission channels of the housing cycle, the role of housing in the finance system, construction financing as a cycle amplifier, and various related public policy issues such as the policy remedies needed to deal with housing and mortgage-driven crises.
Extent: 368 pp
Hardback Price: $150.00 Web: $135.00
Publication Date: 2014
ISBN: 978 1 78347 287 1
Availability: In Stock
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  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
  • International Economics
This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two.

Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view and understanding of these linkages? This detailed book answers these questions in an international comparative perspective. Specific topics covered include macroeconomic transmission channels of the housing cycle, the role of housing in the finance system, construction financing as a cycle amplifier, and various related public policy issues such as the policy remedies needed to deal with housing and mortgage-driven crises.

Eminent scholars in the field provide insightful and original contributions, which will appeal to academics in the areas of macroeconomics, policy analysis and financial regulation. Practitioners involved in real estate and the mortgage market will also find it to be of interest.
Contributors: C.-O. Chang, M.-C. Chen, M. Cho, G. Dell’Ariccia, H.-J. Dübel, M. Hwang, M. Iacoviello, D. Igan, K. Kim, K.-H. Kim, Y.I. Kim, C.-M. Lee, Y.-M. Lee, J.-y. Son, I. Song, S.H. Suh, M.J. Tcha, S. Wachter, T.T. Yang, J.Y. Zhang
Contents:

PART I INTRODUCTION AND SUMMARY
1. Global Financial Crisis and Housing: A New Policy Paradigm
Susan Wachter, Man Cho and Moon Joong Tcha

PART II HOUSING AND MORTGAGE MARKETS
2. Macroeconomics of Housing
Matteo Iacoviello

3. Housing and Business Cycles in Korea: Assessing the Role of Housing Volume Cycles
Young Il Kim

4. Global Financial Crisis and Early Warning System of Korean Housing Market
Seoung Hwan Suh and Kabsung Kim

5. Housing Price and Mortgage Credit Cycles: Tales of Two Countries
Man Cho

6. Transatlantic Mortgage Credit Boom and Bust – the Impact of Market Structure and Regulation
Hans-Joachim Dübel and Dr. Finpolconsult

PART III MARKET FOR CONSTRUCTION FINANCING
7. Financing Real Estate Development: A Case Study of US Real Estate Market in 2000s
Min Hwang

8. Construction Financing in Taiwan: Current State and Policy Regime
Chin-Oh Chang and Ming-Chi Chen

9. Korea’s Development Finance at the Crossroad
Jae-young Son

PART IV POLICY RESPONSES
10. Mortgage Defaults and Risk-Based Capital: Post-Global Financial Crisis Development and Implications to Emerging Markets
Tyler T. Yang and Jessie Y. Zhang

11. Housing and Macro-economy for Korean Case: The Role of Housing Loan to Value (LTV)
Inho Song

12. Rental Housing System and Housing Market Volatility: Monthly Rent-based vs. Asset-based Systems
Kyung-Hwan Kim, Chang-Moo Lee and Young-Man Lee

13. Dealing with Real Estate Booms
Giovanni Dell’Ariccia and Deniz Igan

Index