IMF paper examines sensitivity of house prices to global liquidity shocks
Working paper utilises new quarterly data set of house prices
A global liquidity shock has a "much stronger impact" on house prices and consumption in emerging markets than in advanced economies, according to a working paper published by the IMF on January 29.
In Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies, Ambrogio Cesa-Bianchi, Luis Felipe Cespedes and Alessandro Rebucci compare house price cycles using a new quarterly data set covering the period 1990–2012.
The authors explore the transmission of a
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