The financial accelerator: Evidence from international housing markets

Review of Finance

Volumn 10, Issue 3, 2006, Pages 321-352

  Almeida, Heitor ^a   Campello, Murillo ^b   Liu, Crocker ^a  

^a NEW YORK UNIVERSITY   (United States)

^b UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33750355124     PISSN: 15723097     EISSN: 1573692X     Source Type: Journal    
DOI: 10.1007/s10679-006-9004-9     Document Type: Review

References (54)

1. Alti, A. (2003) How sensitive is investment to cash flow when financing is frictionless? Journal of Finance 58, 707-722.
2. Arellano, M. and Bond, S. (1991) Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economic Studies 58, 277-297.
3. Asian Development Bank (1999) Mortgage-Backed Securities Markets in Asia, http://www.adb.org. Bank of International Settlements, Annual Reports 64, 65-70.
4. Bar Nathan, M., Beenstock, M., and Haitovsky, Y. (1998) The market for housing in Israel, Regional Science and Urban Economics 28, 21-49.
5. Barro, R. and Lee, J.-W. (1994) Sources of economic growth, Carnegie-Rochester Conference Series on Public Policy 40, 1-46.
6. Bekaert, G., Harvey, C., and Lundblad, C. (2005) Does financial liberalization spur growth? Journal of Financial Economics 77, 3-55.
7. Bernanke, B. and Gertler, M. (1989) Agency costs, net worth, and business fluctuations, American Economic Review 79, 14-31.
8. Bernanke, B. and Gertler, M. (1995) Inside the black box: The credit channel of monetary policy transmission, Journal of Economic Perspectives 9, 27-48.
9. Bernanke, B., Gertler, M., and Gilchrist, S. (1996) The financial accelerator and the flight to quality, Review of Economics and Statistics 48, 1-15.
10. Bernanke, B., Gertler, M., and Gilchrist, S. (1999) The financial accelerator in a quantitative business cycle framework, in J. B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, Vol. 1C. North-Holland, Amsterdam, pp. 1341-1393.
11. Blackley, D. M. (1999) The long-run elasticity of new housing supply in the United States: Empirical evidence for 1950 to 1994, Journal of Real Estate Finance and Economics 18, 25-42.
12. Bover, O. (1993) Un modelo empírico de la evolución de los precios de la vivienda en España, Investigaciones Economicas 17, 65-86.
13. Case, K. E. and Shiller, R. J. (1989) The efficiency of the market for single-family homes, American Economic Review 79, 125-137.
14. Case, K. E., Quigley, J. M., and Shiller, R. J. (2005) Comparing wealth effects: The stock market versus the housing market, Advances in Macroeconomics 5, 1-34.
15. Chiuri, M. C. and Jappelli, T. (2003) Financial market imperfections and homeownership: A comparative study, European Economic Review 47, 857-875.
16. Chou, W. L. and Shih, Y. C. (1995) Hong Kong housing markets: Overview, tenure choice, and housing demand, Journal of Real Estate Finance and Economics 10, 7-21.
17. Countrywide International (2000), International Union for Housing Finance (IUHF) International Data and Analysis: Countrywide's Sourcebook, 1995.
18. Dalziel, P. and Lattimore, R. (1996) The New Zealand Macroeconomy: A Briefing on the Reforms, Oxford University Press, Melbourne, Oxford, and New York.
19. Demirgüç-Kunt, A. and Maksimovic, V. (1998) Law, finance, and firm growth, Journal of Finance 53, 2107-2137.
20. DiPasquale, D. (1999) Why don't we know more about housing supply? Journal of Real Estate Finance and Economics 18, 9-23.
21. Englund, P. and Ioannides, Y. (1997) Housing price dynamics: An international empirical perspective, Journal of Housing Economics 6, 119-136.
22. European Mortgage Federation (2000) Hypostat 1989-1999: Mortgage and Property Markets in the European Union and Norway, http://www.hypo.org.
23. Gallin, J. (2003) The long-run relationship between house prices and income: Evidence from local housing markets, Board of Governors of the Federal Reserve Discussion Paper No. 2003-17.
24. Gallin, J. (2004) The long-run relationship between house prices and rents, Board of Governors of the Federal Reserve Discussion Paper No. 2004-50.
25. Genesove, D. and Mayer, C. (1997) Equity and time-to-sale in the real estate equity market, American Economic Review 87, 255-269.
26. Gertler, M. and Gilchrist, S. (1994) Monetary policy, business cycles, and the behavior of small manufacturing firms, Quarterly Journal of Economics 109, 309-340.
27. Girouard, N. and Blondal, S. (1999) House prices and economic activity, OECD Economics Department Working Paper No. 279.
28. Gomes, J. (2001) Financing investment, American Economic Review 91, 1263-1285.
29. Hubbard, R. G. (1998) Capital market imperfections and investment, Journal of Economic Literature 36, 193-227.
30. Jappelli, T. and Pagano, M. (1989) Consumption and capital market imperfections: An international comparison, American Economic Review 79, 1088-1105.
31. Jappelli, T. and Pagano, M. (1994) Savings, growth, and liquidity constraints, Quarterly Journal of Economics 109, 83-109.
32. Kiyotaki, N. and Moore, J. (1997) Credit cycles, Journal of Political Economy 105, 211-248.
33. Lamont, O. and Stein, J. (1999) Leverage and housing price dynamics in US cities, RAND Journal of Economics 30, 498-514.
34. LaPorta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. (1998) Law and finance, Journal of Political Economy 106, 1113-1155.
35. Levine, R. (1997) Financial development and economic growth: Views and agenda, Journal of Economic Literature 35, 688-726.
36. Lin, C. S. (1993) The relationship between rents and prices of owner-occupied housing in Taiwan, Journal of Real Estate Finance and Economics 6, 25-54.
37. Lustig, H. and Van Nieuwerburgh, S. G. (2005) Housing collateral, consumption insurance and risk premia: An empirical perspective, Journal of Finance 60, 1167-1219.
38. Malpezzi, S. and Maclennan, D. (2001) The long-run price elasticity of supply of new residential construction in the United States and the United Kingdom, Journal of Housing Economics 10, 278-306.
39. Malpezzi, S. and Mayo, S. (1997) Getting housing incentives right: A case study of the effects of regulation, taxes, and subsidies of housing supply in Malaysia, Land Economics 73, 372-391.
40. Mayer, C. and Somerville, C. T. (1996) Regional housing supply and credit constraints, New England Economic Review November/December, 39-51.
41. Mayer, C. and Somerville, C. T. (2000) Residential construction: Using the urban growth model to estimate housing supply, Journal of Urban Economics 48, 85-109.
42. Mishkin, F. S. (1978) The household balance sheet and the great depression, Journal of Economic History 38, 918-937.
43. Morande, F. and Soto, R. (1992) Una nota sobre la construcción de series de precios de activos reales: Tierra y casas en Chile, Revista de Análisis Económico 7, 169-178.
44. Muelder C. and Wagner, M. (1997) First time home-ownership in the family life course: A West German-Dutch comparison, Urban Studies 35, 687-713.
45. OECD, Economic Outlook No 70: Annual and Semiannual Data.
46. Ortalo-Magné, F. and Rady, S. (2006) Housing market dynamics: On the contribution of income shocks and credit constraints, Review of Economic Studies 73, 459-485.
47. Phang, S.-Y. and Wong, W.-K. (1997) Government policies and private housing prices in Singapore, Urban Studies 34, 1819-1829.
48. Poterba, J. M. (1984) Tax subsidies to owner occupied housing: An asset market approach, Quarterly Journal of Economics 99, 729-752.
49. Poterba, J. M. (1991) House price dynamics: The role of tax policy and demography, Brooking Papers on Economic Activity 4, 143-183.
50. Rajan, R. and Zingales, L. (1998) Financial dependence and growth, American Economic Review 88, 559-586.
51. Shiller, R. (2004) Household reaction to changes in housing wealth, unpublished working paper.
52. Spiegel, M. (2001) Housing return and construction cycles, Real Estate Economics 29, 521-551.
53. Stein, J. (1995) Prices and trading volume in the housing market: A model with down payment effects, Quarterly Journal of Economics 110, 379-406.
54. Voith, R. (1996) The suburban housing market: The effects of city and suburban job growth, Federal Reserve Bank of Philadelphia Business Review November/December, 1-13.