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来源类型Working Paper
规范类型报告
DOI10.3386/w22699
来源IDWorking Paper 22699
House Valuations and Economic Growth: Some International Evidence
Joshua Aizenman; Yothin Jinjarak; Huanhuan Zheng
发表日期2016-10-03
出版年2016
语种英语
摘要This paper evaluates the relation between house prices and economic growth. Using a dataset that covers house prices for 19 countries from the first quarter of 1975 to the third quarter of 2013. We find that house price appreciations are positively associated with economic growth, while the relation between house price depreciations and economic growth is highly non-linear, depending on country-specific characteristics. In the absence of concurrent banking crisis, large house price depreciations (rather than prolonged and modest ones) are positively associated with economic growth. We also find that the positive association between house price depreciations and economic growth is more pronounced in countries with civil-law legal systems, in countries without mortgage insurance or personal bankruptcy law.
主题International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w22699
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580372
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GB/T 7714
Joshua Aizenman,Yothin Jinjarak,Huanhuan Zheng. House Valuations and Economic Growth: Some International Evidence. 2016.
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