Global Housing Markets Crises, Policies, and Institutions

Author: Ashok Bardhan; Robert Edelstein; Cynthia Kroll
Publisher: John Wiley & Sons
ISBN: 9780470647141
Published In: November 2011
Format: Hardback , 576 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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A global look at the reasons behind the recent economic collapse, and the responses to it

The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects.

Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences.

Reveals the housing crisis in the United States as the core of the meltdown
Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries
Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences

Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.

Acknowledgements.

Editor's Note.

Chapter 1: The Financial Crisis and Housing Markets Worldwide (Ashok Bardhan, Robert Edelstein, and Cynthia Kroll).

Part I: The US Leads the Bubble's Rise and Collapse.

Chapter 2: The US Housing Market and the Financial Crisis (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.

Chapter 3: The 2008 Financial Crisis and the Danish Mortgage Market (Jacob Gyntelberg, Kristian Kjeldsen, Morten B. Nielsen, and Mattias Persson).

Chapter 4: Prolonged Crisis (Thies Lindenthal and Piet Eichholtz).

Chapter 5: The Dynamics of the Irish Housing Market (Simon Stevenson).

Chapter 6: House Prices and Market Institutions (Dirk Brounen and Piet Eichholtz).

Chapter 7: Real Estate Boom and Crisis in Spain (Antoni Sureda-Gomila).

Chapter 8: UK and Europe’s Selective Housing Bubble (Christine Whitehead and Kathleen Scanlon).

Part III: Eastern Europe: European Emerging Markets Ride the Waves.

Chapter 9: Housing Market in Russia: Lessons of the Mortgage Crisis (Nadezhda Kosareva and Andrey Tumanov).

Chapter 10: The Housing Market and Housing Finance in Russia and Its Regions (Carsten Sprenger and Branko Urošević).

Chapter 11: The Housing Market in Serbia in the Past Decade (Dejan Šoškić, Branko Urošević, Boško Živković, and Miloš Božović).

Part IV: Asia Housing Bubbles Past, Present and Future

Contrasts Among Asian Economic Giants.

Chapter 12: Irrational Prosperity, Housing Market, and Financial Crisis (LV Ping, ZHEN Hui, and XU Yuehong).

Chapter 13: Home Mortgage and Real Estate Market in Shanghai (Jie Chen).

Chapter 14: Evolution of the Indian Housing Finance System and Housing Market (R V Verma).

Chapter 15: The Housing Market and Housing Finance under Liberalisation in India (C.P. Chandrasekhar).

Chapter 16: The Recent Financial Crisis and the Housing Market in Japan (Miki Seko, Kazuto Sumita, and Michio Naoi).

Managing Housing Bubbles and Housing Markets in Diverse Asian Economies.

Chapter 17: Comparing Two Financial Crises (Charles Ka Yui Leung and Edward Chi Ho Tang).

Chapter 18: The Global Financial Crisis and the Korean Housing Sector (Kyung-Hwan Kim).

Chapter 19: Government Policy, Housing Finance and Housing Production in Singapore (Lum Sau Kim).

Chapter 20: Taiwan: One World, One Crisis: the Global Housing Market Meltdown (Chang, Chin-Oh and Chen, Ming-Chi).

Part V: Avoiding Contagion in Other Markets.

Chapter 21: Australia's Economic Response to the Global Financial Crisis and Its Housing Markets (Dogan Tirtiroglu and Barry Burgan).

Chapter 22: The Financial Crisis and Brazil's Expanding Housing Market (Emilio Haddad and Joao Meyer1).

Chapter 23: The Canadian Housing Market (Tom Carter).

Chapter 24: Partly Cloudy To Clear (Danny Ben-Shahar and Jacob Warszawski).

About the Contributors.

Index.

Ashok Bardhan is Senior Research Associate, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley.

Robert H. Edelstein is Professor, Maurice Mann Chair in Real Estate, Haas School of Business, University of California, Berkeley.

Cynthia A. Kroll is Executive Director, Staff Research and Senior Regional Economist, Fisher Center for Real Estate and Urban Economics, Haas School of Business, University of California, Berkeley.