The Korean real estate market is currently experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying hou...

Housing has been central to both global and Irish economic fortunes in the past generation and was a major contributory factor in the Great Recession. Recently, greater attention has been paid around the world to the economics of housing supply, including the costs imposed by regulations relating to land use and building. In Ireland, the last few years have seen a growing shortage of accommodat...

INTRODUCTION In the last few years there has been intense interest in the performance of Australia's planning systems. Partly driven by concerns about housing supply and affordability, and in part by a wider regulatory reform agenda, there have been major challenges to the legitimacy of policy settings for land supply, environmental assessment and infrastructure charging (eg. RDC 2007; COAG Ref...

Developments in U.S. house prices over the past decade mirror those of 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 metropolitan areas, we show that housing supply elasticities have fallen markedly recent years. We find declined more areas which land-use regulation has tightened most, and experienced sharpest busts. Consistent with declining elasticities, mo...

Informal housing refers to the unauthorized residential use of public or private land. In this paper, we study supply in markets where informal is common. Using a combination census and satellite data, estimate for more than 90 metropolitan areas Brazil. We find that widespread increases elasticity, partially offsetting downward pressure geographical constraints. Our empirical approach guided b...

The Housing Market Evolutionary System (HoMES) is the updated housing market module for the Integrated Land Use, Transportation, Environment (ILUTE) model system. HoMES is a disaggregate, agent-based microsimulation of the owner, location choices and valuations, the endogenous supply of housing by type and location, and the endogenous determination of sale prices and rents. The new model offers...

This article presents an empirical model of housing supply derived from urban growth theory. This approach describes new housing construction as a function of changes in house prices and costs rather than as a function of the levels of those variables, which previous studies have used. Empirical tests support this specification over the leading alternative models. Our estimates show that a 10% ...

I develop and estimate a monetary business cycle model with nominal loans and collateral constraints tied to housing values. Demand shocks move housing and nominal prices in the same direction, and are amplified and propagated over time. The financial accelerator is not uniform: nominal debt dampens supply shocks, stabilizing the economy under interest rate control. Structural estimation suppor...