Housing Market Challenges in Europe and the United States (Electronic book text)

Housing prices have developed quite differently in European Countries and in the US over the past decade. Austria faced very moderate price increases in comparison to countries like Spain, UK or some Central Eastern Europe countries. Changes in housing prices can generate not only substantial wealth effects on consumption, but can produce significant spillover effects that can cause financial turmoil and economic crisis. In recent years, the changes in housing finance have become the centre of research agenda. Different institutional and regulatory structures of housing markets, as well as monetary policies and various fiscal arrangements, play an important role when trying to explain house price developments. This book provides a comparative overview of the national differences and significant changes in housing finance markets over the past 10 years, considering the effects that the housing sector has on the macro economy. The contributions provide in-depth discussions on various aspects of housing and suggest possible solutions to create affordable housing and housing market development more stable. It will be essential reading for all interested in macroeconomics, monetary policy, political sciences, international finance, urban economics, and cross-sectional models, government policy and financial crises.