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Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances

Author

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  • Ewa Kucharska-Stasiak

    (Uniwersytet Łódzki)

Abstract

The origins of the 2007-2008 crisis are believed to lie in the strong disturbance of macroeconomic balances. Many economists see the causes of the crisis in the disorder in the financial market and the real estate market. The theoretical layer of the paper seeks to demonstrate that the real estate market is only indirectly involved in the development of the crisis. This market, however, should be monitored, since the strong changes on the demand side, fuelled by the access to cheap loans and speculative behaviour may cause demand shocks which lead to the development of price bubbles, manifested in the violent price increases, unjustified by fundamental values. When the bubbles burst, a wave of difficult loans appears, deepening recessions and slowing down the subsequent economic recovery. The empirical layer undertakes the assessment of the real estate market as an environment which contributes to the emergence of macroeconomic imbalances.

Suggested Citation

  • Ewa Kucharska-Stasiak, 2016. "Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances," World of Real Estate Journal (Swiat Nieruchomosci), Fundacja Uniwersytetu Ekonomicznego w Krakowie, issue 96, pages 5-10, June.
    • Handle: RePEc:kra:journl:y:2016:i:96:p:5-10
    DOI: 10.14659/worej.2016.96.01
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    More about this item

    Keywords

    real estate market; market imbalances; price bubbles;
    All these keywords.

    JEL classification:

    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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