Credit, housing prices, expectations, and the macroeconomy. Evidence from developed and developing countries

Priti Mendiratta Arora, Hema Kapur and Ananya Ghosh Dastidar
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Priti Mendiratta Arora: Maitreyi College, University of Delhi, India
Hema Kapur: Hansraj College, University of Delhi, India
Ananya Ghosh Dastidar: Delhi University South Campus, India

Theoretical and Applied Economics, 2023, vol. XXX, issue 3(636), Autumn, 165-182

Abstract: The interlinkages between housing and credit markets can be critical for financial and overall macroeconomic stability. This paper empirically examines the impact of housing prices and expectations on debt buildups. These linkages are analyzed for a set of 41 countries that includes 28 developed and 13 developing countries using dynamic panel estimation over the sample period from 1997:Q1 to 2020:Q1. The findings indicate that the amount of credit generated in an economy is significantly related to housing and equity prices (indicators of sentiments and expectations) in developed and developing economies.

Keywords: expectations; housing prices; macro economy; equity prices; mortgages. (search for similar items in EconPapers)
Date: 2023
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