Li, Lixing, and Wu, Xiaoyu—Housing price and entrepreneurship in China Housing price has increased dramatically in China during the past decade. The appreciation of house value could relax credit constraint and thus encourage entrepreneurship. However, a house serves as both an important investment channel and a prerequisite for marriage in China. The continuous high return of investment in hou...

We estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption, and explicitly incorporates a house adjustment cost. Our estimation fits the crosssectional and time-series household wealth and housing p...

The interrelationship between house prices and mortgage credit has been one of the more compelling issues to warrant attention after the recent financial crisis. Considerable financial innovation and liberalisation of wholesale international funding markets over the past 20 years greatly increased the ability of banking sectors to extend credit to the real economy. Almost inevitably many countr...

A previous version of the paper has been published as Bank of Finland BOFIT Discussion Paper No. 27-2012. The views expressed in the paper are those of the authors and do not necessarily reflect the views of the Bank of Finland. The recent increase in Chinese house prices has led to concerns that China is vulnerable to asset price shocks. In this paper, we apply recently developed recursive uni...

Reverse mortgages are new financial products that allow the elders to convert their home equity into cash until they die. From the provider’s perspective, longevity risk and house price risk are the major risks involved with reverse mortgages. This paper proposes a securitization method to transfer the risks associated with reverse mortgages and focuses on tranching longevity and house price ri...

We show that a strong linear relationship exists between income and house price quantiles in Sydney (Australia), Houston, and the state of Texas. This suggests that the house price distribution is closely approximated by the income distribution after a location-scale transformation. The slope of the line changes over time in response to changes in the mortgage market. We argue that this finding...

Financial liberalisation and innovation (FLIB) in Australia over the 1980s and 1990s provided the institutional backdrop for one of the most rapid increases in household balance sheets and house prices in the world. An error correction model of quarterly Australian house prices for 1972-2006 identi…es the key long run drivers as real non-property income per house, the working age population pro...

Forest harvesting is an important, ongoing disturbance that affects the composition, structure, and ecological function of the majority of the world’s forests. However, few studies have examined the interaction between land-use conversion and harvesting. We utilize a unique, spatially explicit database of all cutting events (n > 13,000) and land-cover conversions for Massachusetts over the past...

the main goal of land development plans initially is providing appropriate house for people and planning for pre- devised development of cities. the government plans for urban lands generally and subsequently grants them after implement their preparing process, recently the mehr house projects are planned to result in omitting land's value from total costs of residential buildings and enti...

This paper focuses on the physical attributes of land that intrinsically limit use and possibly affect values. In particular, we investigate if slope a does decrease its price role in forming more reliable constant-quality indices aggregate house indices. We find that, while slopes do per unit, they have small effect quality-adjusted selected neighborhoods Auckland, New Zealand, where sloped te...