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Author: Statistical Office of the European Communities Publisher: International Monetary Fund ISBN: 1475588313 Category : Business & Economics Languages : en Pages : 186
Book Description
For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices Indices (RPPIs) are index numbers measuring the rate at which the prices of residential properties are changing over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This Handbook provides, for the first time, comprehensive guidelines for the compilation of RPPIs and explains in depth the methods and best practices used to calculate an RPPI. It also examines the underlying economic and statistical concepts and defines the principles guiding the methodological and practical choices for the compilation of the indices. The Handbook primarily addresses official statisticians in charge of producing residential property price indices; at the same time, it addresses the overall requirement on RPPIs by providing a harmonised methodological and practical framework to all parties interested in the compilation of such indices. The RPPIs Handbook has been written by leading academics in index number theory and by recognised experts in RPPIs compilation. Its development has been coordinated by Eurostat, the statistical office of the European Union, with the collaboration of the International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE) and the World Bank.
Author: Statistical Office of the European Communities Publisher: International Monetary Fund ISBN: 1475588313 Category : Business & Economics Languages : en Pages : 186
Book Description
For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices Indices (RPPIs) are index numbers measuring the rate at which the prices of residential properties are changing over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This Handbook provides, for the first time, comprehensive guidelines for the compilation of RPPIs and explains in depth the methods and best practices used to calculate an RPPI. It also examines the underlying economic and statistical concepts and defines the principles guiding the methodological and practical choices for the compilation of the indices. The Handbook primarily addresses official statisticians in charge of producing residential property price indices; at the same time, it addresses the overall requirement on RPPIs by providing a harmonised methodological and practical framework to all parties interested in the compilation of such indices. The RPPIs Handbook has been written by leading academics in index number theory and by recognised experts in RPPIs compilation. Its development has been coordinated by Eurostat, the statistical office of the European Union, with the collaboration of the International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE) and the World Bank.
Author: Anthony Owusu-Ansah Publisher: Routledge ISBN: 1351590995 Category : Business & Economics Languages : en Pages : 222
Book Description
The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices. This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply. Essential reading for economists, real estate professionals and researchers, and policy-makers.
Author: W. Erwin Diewert Publisher: Springer ISBN: 9784431559405 Category : Business & Economics Languages : en Pages : 0
Book Description
This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.
Author: Thomas G. Thibodeau Publisher: Springer Science & Business Media ISBN: 9780792398837 Category : Business & Economics Languages : en Pages : 266
Book Description
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
Author: OECD Publisher: OECD Publishing ISBN: 9264197184 Category : Languages : en Pages : 186
Book Description
This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.
Author: Mick Silver Publisher: International Monetary Fund ISBN: 1475552246 Category : Business & Economics Languages : en Pages : 89
Book Description
Hedonic regressions are used for property price index measurement to control for changes in the quality-mix of properties transacted. The paper consolidates the hedonic time dummy approach, characteristics approach, and imputation approaches. A practical hedonic methodology is proposed that (i) is weighted at a basic level; (ii) has a new (quasi-) superlative form and thus mitigates substitution bias; (iii) is suitable for sparse data in thin markets; and (iv) only requires the periodic estimation of hedonic regressions for reference periods and is not subject to the vagrancies of misspecification and estimation issues.
Author: Rob Nijskens Publisher: Springer ISBN: 3030116743 Category : Business & Economics Languages : en Pages : 220
Book Description
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author: Neil Monnery Publisher: London School of Economics and Political Science ISBN: 9781907994012 Category : Housing Languages : en Pages : 212
Book Description
There can be few everyday financial issues more important than the price of houses. Whether we own one and worry about its value or aspire to own one and are frustrated by their high prices, nobody can avoid the issue. In the UK, while prices have fluctuated during our lifetimes, overall they have risen steadily and sometimes spectacularly. The accepted wisdom is that houses are a safe and excellent investment for the long term. But are they really as good an investment as we believe? Might the future be different from the past? Are houses really so safe? This book looks at house prices over the long term in several countries -- including the UK, the US, France, Holland, Norway, Germany and Australia -- to find out what has happened to house prices and why. The author illustrates his findings with authoritative data on trends and provides intriguing details including a century-long index of UK house prices, an analysis of the value of the White House and a fascinating four-hundred-year story of houses in Amsterdam. - To what extent are we right to view our houses as an investment as well as a home? - If prices can rise for decades and then fall for more than a whole generation, then what does the future hold? - If prices rise further, will houses become unaffordable for many young people? How will that affect our society? - If they crash, will that endanger our banks once more? - Are politicians, policymakers and regulators prepared for the true range of possibilities? Anybody who owns a house, wants to own a house or follows the prices and economics of housing will find this book an accessible, fascinating and door-opening read. Neil Monnery studied at Oxford and Harvard Business School. He worked for many years at The Boston Consulting Group as a Director and Senior Vice President and is now active in business, investing and research.
Author: Juerg M. Syz Publisher: John Wiley & Sons ISBN: 0470694556 Category : Business & Economics Languages : en Pages : 252
Book Description
Property derivatives have the potential to revolutionize real estate - the last major asset class without a liquid derivatives market. The new instruments offer ease and flexibility in the management of property risk and return. Property funds, insurance companies, pension and life funds, speculators, hedge funds or any asset manager with a view on the real estate market can apply the new derivatives to hedge property risk, to invest synthetically in real estate, or for portfolio optimization. Moreover, developers, builders, home suppliers, occupiers, banks, mortgage lenders and governmental agencies can better cope with their real estate exposure using property derivatives. This book is a practical introduction to property derivatives and their numerous applications. Providing a comprehensive overview of the property derivatives market and indices, there is also in-depth coverage of pricing, hedging and risk management, which will deepen the readers understanding of the market's mechanisms. Covering both the theoretical and practical aspects of the property derivatives markets; this book is the definitive reference guide to a new and fast-growing market.
Author: International Monetary Fund. Statistics Dept. Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 10
Book Description
The second phase of the G-20 Data Gaps Initiative and guidance on financial soundness indicators identify the residential property price index (RPPI) as a critical ingredient of financial stability policy analysis and macroprudential measures. At the request of the National Statistics Office of Georgia (Geostat), a technical assistance mission was conducted by the IMF’s Statistics Department (STA) to support the launch of a new quarterly RPPI for Georgia. This work was part of a three-year project to improve national accounts and price statistics in Eastern and Southeastern Europe, funded by the Government of The Netherlands. The mission finalized the preparatory work to disseminate the quarterly RPPI beginning in April 2021.
Author: Statistical Office of the European Communities
Author: Statistical Office of the European Communities
Author: Anthony Owusu-Ansah
Author: W. Erwin Diewert
Author: Thomas G. Thibodeau
Author: OECD
Author: Mick Silver
Author: Rob Nijskens
Author: Neil Monnery
Author: Juerg M. Syz
Author: International Monetary Fund. Statistics Dept.