6533b7d0fe1ef96bd125b881
RESEARCH PRODUCT
Systemic financial crises and the housing market cycle
Ricardo M. SousaLuca AgnelloVitor Castrosubject
FinanceEconomics and Econometrics050208 financebusiness.industrymedia_common.quotation_subjecteducation05 social sciences1. No povertyfinancial criseSettore SECS-P/02 Politica EconomicaRecessionBoomHousing booms and bust0502 economics and business8. Economic growthFinancial crisisEconomicsduration analysi050207 economicsDuration (project management)businessDeveloped countrymedia_commondescription
Using quarterly data for a group of 20 industrialized countries and both continuous- and discrete-time duration models, we show that financial crisis recessions are associated with a two- to three-fold increase in the likelihood of the end of a housing boom. Additionally, recessions preceded by booms in mortgage credit are especially damaging, as their occurrence coincides with an increase in the duration of housing market slumps of almost 90%.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2017-08-02 | Applied Economics Letters |