Costs of housing crises: International evidence

Arbeitspapier

This analysis provides evidence for the costs housing crises induce in terms of GDP growth and under what circumstances these crises are particularly costly. Housing crises are often followed by recessions that are longer and deeper than other recessions. According to empirical estimates, a housing crisis reduces the GDP growth rate in the following year on average by 2.5 percentage points and has a further negative impact in the second year. One important channel transmitting the additional effect of housing crises works through the depression of the construction sector, while wealth effects play a minor role.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Kiel Working Paper ; No. 1524

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Macroeconomics: Consumption; Saving; Wealth ; Business Fluctuations; Cycles ; Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
• Thema: Housing crisis ; Panel Data ; Immobilienmarkt ; Branchenkrise ; Konjunktur ; Soziale Kosten ; Industriestaaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Aßmann, Christian ; Boysen-Hogrefe, Jens ; Jannsen, Nils
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for the World Economy (IfW)
• (wo): Kiel
• (wann): 2009

Weitere Informationen

• Handle: http://hdl.handle.net/10419/28351
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ