Real Estate Volatility and Economic Stability: An East Asian Perspective

Cho, Man / Kyung-Hwan Kim / Bertrand Renaud(Author)

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Issue Date
Korea Development Institute


CHAPTER 1 Introduction

CHAPTER 2 Profiling the East Asian Countries
 1. Diverse Paths of Economic Growth
 2. Housing and Mortgage Market Characteristics
 3. Composite Risk Index & Composite Governance Index

CHAPTER 3 Patterns of Housing Price Dynamics
 1. Overall Patterns of the EA Countries
 2. Country Specific Patterns
 3. Effects of AFC and GFC

CHAPTER 4 Drivers of Housing Price Cycles
 1. What Makes Housing Prices Cyclical?
 2. Unconditional and Conditional Volatility
 3. Role of Market Fundamentals
 4. Macroeconomic Linkages
 5. Role of Institutional Factors

CHAPTER 5 Institutional Drivers of Housing Price Volatility
 1. Conceptual Framework and Empirics
 2. Key Features of Mortgage Markets and Government Intervention in the Six Case Study Countries
 3. Key Features of Property Rights and Supply Side Regulations in the Six Case Study Countries
 4. Linking Institutional Factors to Housing Market Volatility in the Six Case Study Countries

CHAPTER 6 How Vulnerable is China to a Housing Bust after a Unique Decade?
 1. A Unique Decade Has Come to an End
 2. Very Rapid Urbanization with Relative Overinvestment in Housing
 3. Six Key Actors of the Boom, Their Incentives and Behavior
 4. Housing after China’s Economic Growth Take-off
 5. Conclusions


Appendix 1. Description of Data and Main Variables Used
Appendix 2. Comparison of Housing Finance Systems
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