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Rental housing system and housing market volatility: monthly rent-based vs. asset-based systems

In: The Global Financial Crisis and Housing

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  • Kyung-Hwan Kim
  • Chang-Moo Lee
  • Young-Man Lee

Abstract

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view and understanding of these linkages? This detailed book answers these questions in an international comparative perspective. Specific topics covered include macroeconomic transmission channels of the housing cycle, the role of housing in the finance system, construction financing as a cycle amplifier, and various related public policy issues such as the policy remedies needed to deal with housing and mortgage-driven crises.

Suggested Citation

  • Kyung-Hwan Kim & Chang-Moo Lee & Young-Man Lee, 2014. "Rental housing system and housing market volatility: monthly rent-based vs. asset-based systems," Chapters, in: Susan Wachter & Man Cho & Moon Joong Tcha (ed.), The Global Financial Crisis and Housing, chapter 12, pages 296-312, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15685_12
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    References listed on IDEAS

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    1. David G. Blanchflower & Andrew J. Oswald, 2013. "Does High Home-Ownership Impair the Labor Market?," NBER Working Papers 19079, National Bureau of Economic Research, Inc.
    2. Navarro, Ignacio & Turnbull, Geoffrey K., 2010. "Antichresis leases: Theory and empirical evidence from the Bolivian experience," Regional Science and Urban Economics, Elsevier, vol. 40(1), pages 33-44, January.
    3. Karl E. Case & Robert J. Shiller & Anne K. Thompson, 2012. "What Have They Been Thinking? Homebuyer Behavior in Hot and Cold Markets," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 265-315.
    4. Oswald Andrew J., 1996. "A Conjecture on the Explanation for High Unemployment in the Industrialized Nations : Part I," The Warwick Economics Research Paper Series (TWERPS) 475, University of Warwick, Department of Economics.
    5. John V. Duca & John Muellbauer & Anthony Murphy, 2011. "House Prices and Credit Constraints: Making Sense of the US Experience," Economic Journal, Royal Economic Society, vol. 121(552), pages 533-551, May.
    6. John M. Quigley & Steven Raphael, 2004. "Is Housing Unaffordable? Why Isn't It More Affordable?," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 191-214, Winter.
    7. Lee, Chang-Moo & Chung, Eui-Chul, 2010. "Monthly rent with variable deposit: A new form of rental contract in Korea," Journal of Housing Economics, Elsevier, vol. 19(4), pages 315-323, December.
    8. Joseph Gyourko & Edward L. Glaeser, 2008. "Rethinking Federal Housing Policy," Books, American Enterprise Institute, number 50499, September.
    9. Dan Andrews & Aida Caldera Sánchez, 2011. "Drivers of Homeownership Rates in Selected OECD Countries," OECD Economics Department Working Papers 849, OECD Publishing.
    10. Joshua Gallin, 2008. "The Long‐Run Relationship Between House Prices and Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(4), pages 635-658, December.
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    Cited by:

    1. Kim, Kyung-Hwan & You, Seung Dong, 2021. "The Global Financial Crisis and transition out of homeownership in Korea," Journal of Housing Economics, Elsevier, vol. 54(C).
    2. Mittal, Varun & Schaposnik, Laura, 2022. "Housing market forecasts via stock market indicators," MPRA Paper 115009, University Library of Munich, Germany.

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