IDEAS home Printed from https://ideas.repec.org/p/imf/imfscr/2006-210.html
   My bibliography  Save this paper

Spain: Financial Sector Assessment Program: Technical Note: Housing Prices, Household Debt, and Financial Stability

Author

Listed:
  • International Monetary Fund

Abstract

This report reviews the macroeconomic determinants of the rapid growth in the Spanish housing market, including various policy elements. It examines the vulnerabilities of households' finances as a result of the rapid growth of housing prices and mortgage debt. It also describes the Spanish mortgage market and assesses the resilience of the financial sector to a possible adjustment in the housing and mortgage markets. It presents a market-based indicator to show the market views on the quality of the mortgage portfolio and also provides recommendations.

Suggested Citation

  • International Monetary Fund, 2006. "Spain: Financial Sector Assessment Program: Technical Note: Housing Prices, Household Debt, and Financial Stability," IMF Staff Country Reports 2006/210, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2006/210
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=19334
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Juan Ayuso & Fernando Restoy, 2003. "House prices and rents: an equilibrium asset pricing approach," Working Papers 0304, Banco de España.
    2. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Working Papers 0307, Banco de España.
    3. Juan Ayuso & Jorge Martínez & Luis A. Maza & Fernando Restoy, 2003. "House prices in Spain," Economic Bulletin, Banco de España, issue OCT, pages 69-74, October.
    4. Jaime Caruana, 2005. "Monetary policy, financial stability and asset prices," Occasional Papers 0507, Banco de España.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Saracho de la Torre, Ana Isabel & Usategui Díaz de Otalora, José María, 2008. "Policy Coordination in an Oligopolistic Housing Market," DFAEII Working Papers 1988-088X, University of the Basque Country - Department of Foundations of Economic Analysis II.
    2. Mr. Renzo G Avesani & Ms. Elina Ribakova & Antonio I Garcia Pascual, 2007. "The Use of Mortgage Covered Bonds," IMF Working Papers 2007/020, International Monetary Fund.
    3. Jorge E. Galán & Matías Lamas, 2019. "Beyond the LTV ratio: new macroprudential lessons from Spain," Working Papers 1931, Banco de España.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. A. Bruggeman & M. Hradisky & V. Périlleux, 2005. "Share prices, house prices and monetary policy," Economic Review, National Bank of Belgium, issue iii, pages 65-78, September.
    2. repec:hal:spmain:info:hdl:2441/2822 is not listed on IDEAS
    3. Christophe Blot, 2006. "Peut-on parler de bulle sur le marché immobilier au Luxembourg ?," BCL working papers 20, Central Bank of Luxembourg.
    4. Ramiro J. Rodriguez & Simon Sosvilla-Rivero, 2017. "Office Market Dynamics in Madrid: Modelling with a Single-Equation Error Correction Mechanism," International Real Estate Review, Global Social Science Institute, vol. 20(4), pages 451-491.
    5. Sabine Le Bayon, 2006. "La croissance espagnole est-elle soutenable ?," Post-Print hal-03459160, HAL.
    6. repec:spo:wpmain:info:hdl:2441/2822 is not listed on IDEAS
    7. Sabine Le Bayon, 2006. "La croissance espagnole est-elle soutenable ?," SciencePo Working papers Main hal-03459160, HAL.
    8. Ayuso, Juan & Restoy, Fernando, 2007. "House prices and rents in Spain: Does the discount factor matter?," Journal of Housing Economics, Elsevier, vol. 16(3-4), pages 291-308, November.
    9. Béchir Bouzid, 2010. "Titrisation des emprunts hypothécaires et bulle immobilière aux États-Unis : les origines d’une débâcle," Revue d'Économie Financière, Programme National Persée, vol. 97(2), pages 101-142.
    10. repec:hal:spmain:info:hdl:2441/1756 is not listed on IDEAS
    11. Adrienne Mack & Enrique Martínez García, 2011. "A cross-country quarterly database of real house prices: a methodological note," Globalization Institute Working Papers 99, Federal Reserve Bank of Dallas.
    12. Garrido-Yserte, Rubén & Mañas-Alcón, Elena & Gallo-Rivera, Maria Teresa, 2012. "Housing and cost of living: Application to the Spanish regions," Journal of Housing Economics, Elsevier, vol. 21(3), pages 246-255.
    13. Arteaga Cabrales, Carolina & Huertas-Campos, Carlos Alfonso & Olarte Armenta, Sergio, 2013. "Índice de desbalance macroeconómico," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 8, pages 301-336, Banco de la Republica de Colombia.
    14. Tamara Slišković, 2018. "Analiza međuovisnosti stambenog tržišta i makroekonomskog sustava u Hrvatskoj," EFZG Occasional Publications (Department of Macroeconomics), in: Zbornik radova znanstvenog skupa: Modeli razvoja hrvatskog gospodarstva, (ur. Družić, G.; Družić, I., izdavač: Ekonomski fakultet Zagreb; Hrvatska aka, edition 1, volume 1, chapter 11, pages 247-280, Faculty of Economics and Business, University of Zagreb.
    15. Carlos Garriga, 2010. "The Role of Construction in the Housing Boom and Bust in Spain," Working Papers 2010-09, FEDEA.
    16. Ricardo Gimeno & Carmen Martínez-Carrascal, 2006. "The interaction between house prices and loans for house purchase. The Spanish case," Working Papers 0605, Banco de España.
    17. repec:spo:wpecon:info:hdl:2441/1756 is not listed on IDEAS
    18. Angulo, Ana & Burridge, Peter & Mur, Jesús, 2018. "Testing for breaks in the weighting matrix," Regional Science and Urban Economics, Elsevier, vol. 68(C), pages 115-129.
    19. Drobyshevsky Sergey & Narkevich Sergey & E. Pikulina & D. Polevoy, 2009. "Analysis Of a Possible Bubble On the Russian Real Estate Market," Research Paper Series, Gaidar Institute for Economic Policy, issue 128.
    20. Juan Ayuso & Roberto Blanco & Fernando Restoy, 2006. "House prices and real interest rates in Spain," Occasional Papers 0608, Banco de España.
    21. Costello, Greg & Fraser, Patricia & Groenewold, Nicolaas, 2011. "House prices, non-fundamental components and interstate spillovers: The Australian experience," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 653-669, March.
    22. Juan Ayuso & Fernando Restoy, 2006. "House prices and rents in Spain: does the discount factor matter?," Working Papers 0609, Banco de España.
    23. Eric Heyer & Sabine Le Bayon & Hervé Péléraux & Xavier Timbeau, 2005. "L’immobilier, pilier de la croissance ou épée de Damoclès," Documents de Travail de l'OFCE 2005-16, Observatoire Francais des Conjonctures Economiques (OFCE).
    24. Robert F. Martin & Don Schlagenhauf & Carlos Garriga, 2010. "Housing Boom and Bust Cycles," 2010 Meeting Papers 1080, Society for Economic Dynamics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfscr:2006/210. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.