Housing Market Challenges in Europe and the United States – Any Solutions Available?

Karin Wagner ()
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Karin Wagner: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2008, issue 4, 124–134

Abstract: On September 29, 2008, the Oesterreichische Nationalbank (OeNB) hosted a workshop entitled “Housing Market Challenges in Europe and the United States - any solutions available?” The workshop’s objective was to discuss the most recent developments in housing markets and housing finance. Housing prices have developed quite differently in Europe in the last decade. Austria, for example, has faced very moderate price increases compared with, for example, Spain, the U.K. or Central, Eastern and Southeastern Europe. Most economic studies claim that monetary policies exert a major influence on housing price developments, and thus transmission mechanisms are a focus of research. But additionally, different institutional features of housing finance as well as regulatory/fiscal arrangements play an important role in any explanation of house price developments. The first session addressed the recent crisis in the U.S. housing market and considered possible solutions. Session 2 offered an overview of developments in European housing markets and their macroeconomic implications, while session 3 dealt with micro data on housing wealth. Session 4 highlighted regulation and fiscal aspects. The last session was about statistics on housing markets. A panel discussion concluded the workshop.

Keywords: housing markets; housing finance; financial crisis (search for similar items in EconPapers)
JEL-codes: D53 G21 R21 R31 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (9)

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