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Financial System and Housing Price

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  • Changkyu Choi
  • Kyungsun Park

Abstract

The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system.

Suggested Citation

  • Changkyu Choi & Kyungsun Park, 2018. "Financial System and Housing Price," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(2), pages 328-335, January.
    • Handle: RePEc:mes:emfitr:v:54:y:2018:i:2:p:328-335
    DOI: 10.1080/1540496X.2017.1344832
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    Cited by:

    1. Yu, Liangliang & Cai, Yinying, 2021. "Do rising housing prices restrict urban innovation vitality? Evidence from 288 cities in China," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 276-288.
    2. Dongxue Wang & Yugang He, 2024. "The Mathematical Simulation of South Korea’s Financial and Economic Impacts from Real Estate Bubbles: Lessons from the China Evergrande Collapse," Mathematics, MDPI, vol. 12(19), pages 1-24, September.

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