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Housing markets and European economic imbalances

Housing markets and European economic imbalances JERER Guest editorial 9,1 This Special Issue is devoted to the impact of the housing mechanism in economic imbalances in relation to the different macro-perspectives of European markets. Over the past decade, and especially since the Global Financial Crisis (GFC), housing market research has acquired a macroeconomic profile, in which researchers have reverted to principles relating to housing prices and financial influences. As the GFC was associated with financial and derivatives markets’ collapse, the implications of imbalances in housing markets have been recognized as a key element contributing to the macroeconomic disequilibrium. As a consequence of the GFC, the European Union’s Economic Imbalance Procedure (EIP) was implemented recognizing that housing price change is an early variable to follow regarding countries’ imbalances. Furthermore, the GFC aftermath is far from being fully understood because of the differences in housing market reactions to similar incentives among developed economies and their effects on the aggregate economies. In some countries, house prices have recovered, while in others, they remain depressed with lower than average transaction activities in most markets. Recent research has focused on the analysis of house prices as a relevant part of Monetary Policy transmission channels. It is accepted that changes in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of European Real Estate Research Emerald Publishing

Housing markets and European economic imbalances

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1753-9269
DOI
10.1108/JERER-02-2016-0008
Publisher site
See Article on Publisher Site

Abstract

JERER Guest editorial 9,1 This Special Issue is devoted to the impact of the housing mechanism in economic imbalances in relation to the different macro-perspectives of European markets. Over the past decade, and especially since the Global Financial Crisis (GFC), housing market research has acquired a macroeconomic profile, in which researchers have reverted to principles relating to housing prices and financial influences. As the GFC was associated with financial and derivatives markets’ collapse, the implications of imbalances in housing markets have been recognized as a key element contributing to the macroeconomic disequilibrium. As a consequence of the GFC, the European Union’s Economic Imbalance Procedure (EIP) was implemented recognizing that housing price change is an early variable to follow regarding countries’ imbalances. Furthermore, the GFC aftermath is far from being fully understood because of the differences in housing market reactions to similar incentives among developed economies and their effects on the aggregate economies. In some countries, house prices have recovered, while in others, they remain depressed with lower than average transaction activities in most markets. Recent research has focused on the analysis of house prices as a relevant part of Monetary Policy transmission channels. It is accepted that changes in

Journal

Journal of European Real Estate ResearchEmerald Publishing

Published: May 3, 2016

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