ECB paper presents new measure for monitoring real estate vulnerability
Aggregated measure out-performs most models as predictor of past crises, authors say
A working paper from the European Central Bank presents a new framework for “monitoring vulnerabilities related to the residential real estate sector in a cross-country context”.
In Home, safe home: cross-country monitoring framework for vulnerabilities in the residential real estate sector, Elias Bengtsson, Magdalena Grothe and Etienne Lepers assess housing using what they call the “three dimensions of real estate sector vulnerabilities”: valuation, household indebtedness and the bank credit
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