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Paper eres2012_025:
The credit channel, liquidity and house prices: Evidence from UK and Spanish housing markets

id eres2012_025
authors Paloma Taltavull de La Paz and Michael White
year 2012
title The credit channel, liquidity and house prices: Evidence from UK and Spanish housing markets
source 19th Annual European Real Estate Society Conference in Edinburgh, Scotland
summary Increases in mortgage lending, lower interest rates and increasing liquidity are considered to have caused house price increases. In this paper we test price behaviour focusing on the credit channel as a transmission mechanism for Monetary Policy. We examine the interaction between the housing market, the financial sector, and the macroeconomy both nationally and regionally, drawing comparisons between outcomes across the two countries. We find empirical evidence suggesting that liquidity effects are stronger in those regions where housing demand is stronger but not in others. Regional analysis shows how the effect of fundamental variables are concentrated in some but not all regions and suggests that the bubble in house prices could be spatially disaggregated.
series ERES:conference
type normal paper
email paloma@ua.es
content file.pptx (812,025 bytes)
discussion No discussions. Post discussion ...
ratings
session Parallel Session A6
last changed 2014/10/21 21:51
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