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House Price Synchronicity, Banking Integration, and Global Financial Conditions
by Adrian Alter, Jane Dokko, and Dulani Seneviratne

Series:Working Paper No. 18/250
ISBN 9781484385692
Code: #WPIEA2018250

Publication year: 2018

Cdn: $27.00; US: $23.50
Paperback
Language: English
42 pages
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We examine the relationship between house price synchronicity and global financial conditions across 40 countries and about 70 cities over the past three decades. The role played by cross-border banking flows in residential property markets is examined as well. Looser global financial conditions are associated with greater house price synchronicity, even after controlling for bilateral financial integration. Moreover, we find that synchronicity across major cities may differ from that of their respective countries’, perhaps due to the influence of global investors on local house price dynamics. Policy choices such as macroprudential tools and exchange rate flexibility appear to be relevant for mitigating the sensitivity of domestic housing markets to the rest of the world.
House Price Synchronicity, Banking Integration, and Global Financial Conditions
Cdn: $27.00; US: $23.50
International Monetary Fund (IMF) BookID: 123935 Added: 2018.12.2