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Global Housing Markets: Crises, Policies, and Institutions

Ashok Bardhan (Editor), Robert Edelstein (Editor), Cynthia Kroll (Editor)
ISBN: 978-0-470-64714-1
564 pages
November 2011
Global Housing Markets: Crises, Policies, and Institutions (0470647140) cover image
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.

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Acknowledgments ix

Editor’s Note xi

1 The Financial Crisis and HousingMarkets Worldwide: Similarities, Differences, and Comparisons 1
Ashok Bardhan, Robert H. Edelstein, and Cynthia A. Kroll

PART I The United States Leads the Housing Bubble’s Rise and Collapse

2 The U.S. HousingMarket and the Financial Crisis 23
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

3 The 2008 Financial Crisis and the Danish Mortgage Market 53
Jacob Gyntelberg, Kristian Kjeldsen, Morten Baekmand Nielsen, and Mattias Persson

4 Prolonged Crisis 69
Thies Lindenthal and Piet Eichholtz

5 The Dynamics of the Irish HousingMarket 101
Simon Stevenson

6 House Prices and Market Institutions: The Dutch Experience 135
Dirk Brounen and Piet Eichholtz

7 Real Estate Boom and Crisis in Spain 157
Antoni Sureda-Gomila

8 The UK and Europe’s Selective Housing Bubble 173
Christine Whitehead and Kathleen Scanlon

PART III Eastern Europe: European Emerging Markets Ride the Waves

9 The HousingMarket in Russia: Lessons of the Mortgage Crisis 195
Nadezhda Kosareva and Andrey Tumanov

10 The HousingMarket and Housing Finance in Russia and Its Regions: A Quantitative Analysis 229
Carsten Sprenger and Branko Uroˇsevi´c

11 The HousingMarket in Serbia in the Past Decade 247
Dejan Sˇosˇkic´, Branko Urosˇevic´, Bosˇko Zˇ ivkovic´, and Milosˇ Bozˇovic´

PART IV Asia Housing Bubbles Past, Present, and Future: Contrasts among Asian Economic Giants

12 Irrational Prosperity, HousingMarket, and Financial Crisis: An Empirical Study of Beijing 271
Lu Ping, Zhen Hui, and Xu Yuehong

13 HomeMortgage and Real Estate Market in Shanghai 295
Jie Chen

14 Evolution of the Indian Housing Finance System and HousingMarket 319
R. V. Verma

15 The HousingMarket and Housing Finance under Liberalization in India 343
C. P. Chandrasekhar

16 The Recent Financial Crisis and the HousingMarket in Japan 357
Miki Seko, Kazuto Sumita, and Michio Naoi

PART V Managing Housing Bubbles and Housing Markets in Diverse Asian Economies

17 Comparing Two Financial Crises: The Case of Hong Kong Real Estate Markets 377
Charles Ka Yui Leung and Edward Chi Ho Tang

18 The Global Financial Crisis and the Korean Housing Sector: How Is This Time Different from the 1997 Asian Financial Crisis? 399
Kyung-Hwan Kim

19 Government Policy, Housing Finance, and Housing Production in Singapore 421
Lum Sau Kim

20 Taiwan: Housing Bubbles and Affordability 447
Chin-Oh Chang and Ming-Chi Chen

PART VI Avoiding Contagion in Other Markets

21 Australia’s Economic Response to the Global Financial Crisis and Its HousingMarkets 467
Dogan Tirtiroglu

22 The Financial Crisis and Brazil’s Expanding HousingMarket 491
Emilio Haddad and Joao Meyer

23 The Canadian HousingMarket: No Bubble? No Meltdown? 511
Tom Carter

24 Partly Cloudy to Clear: The Israeli Economy and the Local HousingMarket under the Storm of the World Financial Crisis 535
Danny Ben-Shahar and Jacob Warszawski

Index 557

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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.

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