Using quarterly data for a group of 20 industrialized countries and both continuous- and discrete-time duration models, we show that financial crisis recessions are associated with a two- to three-fold increase in the likelihood of the end of a housing boom. Additionally, recessions preceded by booms in mortgage credit are especially damaging, as their occurrence coincides with an increase in the duration of housing market slumps of almost 90%.
|Numero di pagine||6|
|Rivista||Applied Economics Letters|
|Stato di pubblicazione||Published - 2018|
All Science Journal Classification (ASJC) codes
- Economics and Econometrics