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Housing Price, Mortgage Lending and Financial Crisis: A UK Perspective

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  • Qin Xiao

Abstract

The standard literature usually models the price dynamics as a martingale process with the assumption that asset markets are continuously efficient. A casual glance at the experiences of the world would suggest otherwise. In this study, we differentiate ourselves by explicitly model the nonlinear dynamic interactions between two market forces: a speculative trend-following bubble-creation force and an error-correction equilibrium-returning force. We will try to explain how such interaction, facilitated with credit supplied by speculative financial institutions, can lead to market crashes. The model will be tested against relevant UK data.

Suggested Citation

  • Qin Xiao, 2009. "Housing Price, Mortgage Lending and Financial Crisis: A UK Perspective," ERES eres2009_297, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_297
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2009-297
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    Cited by:

    1. Xiao, Qin, 2010. "Systemic Stability of Housing and Mortgage Market: From the observable to the unobservable," MPRA Paper 23708, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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