Colombian paper sees role for international co-ordination of housing policy
This may be needed where national policies have “important” cross-border effects; discusses macro-prudential policy and capital controls
When national housing policies have an impact on markets abroad there is a case for international co-ordination, a working paper published by the Central Bank of Colombia argues.
In When Bubble Meets Bubble: Contagion in OECD Countries, Jose Eduardo Gomez-Gonzalez, Juliana Gamboa-Arbeláez, Jorge Hirs-Garzón and Andrés Pinchao-Rosero study the existence and international migration of housing market bubbles.
They use quarterly data from 20 Organisation for Economic Co-operation and Development
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