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Impact of house price on economic stability: some lessons from OECD countries

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dc.contributor.authorAlam Asadov
dc.contributor.authorRamazan Yildirim
dc.contributor.authorMansor H. Ibrahim
dc.date.accessioned2023-06-20T05:11:27Z
dc.date.available2023-06-20T05:11:27Z
dc.date.issued2023
dc.description.abstractDespite having abundant literature blaming a faulty financial system and exuberant price expectations as the primary causes of housing bubbles, there is a lack of research that looks at the impact of house price instability on the economy. This study aims to fill this gap by thoroughly examining the connection between house prices and economic output, and the effect of house price volatility on economic stability. Drawing from long-spanning quarterly data from 17 OECD countries from 1970 to 2019, the study develops and tests economic growth and volatility models to uncover significant insights. The empirical results show that house price returns have a significant asymmetric impact on economic growth, with negative returns having twice the effect of positive ones. Moreover, the results indicate that house price volatility significantly contributes to economic instability. In light of these findings, the paper concludes with valuable policy recommendations to enhance the housing market and improve overall economic stability. This study provides a compelling argument for the importance of closely monitoring and regulating the real estate market in order to maintain a healthy and stable economy.en_US
dc.identifier.citationAsadov, A., Ibrahim, M. H., & Yildirim, R. (2023). Impact of house price on economic stability: some lessons from OECD countries. The Journal of Real Estate Finance and Economics. https://doi.org/10.1007/s11146-023-09945-0en_US
dc.identifier.doihttps://doi.org/10.1007/s11146-023-09945-0
dc.identifier.issn1573-045X
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3786
dc.languageEnglish
dc.language.isoengen_US
dc.publisherSpringeren_US
dc.rights2023. The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature
dc.sourceSEDONA
dc.subjectHouse pricesen_US
dc.subjectPrice volatilityen_US
dc.subjectEconomic growthen_US
dc.subjectOutput volatilityen_US
dc.subjectAsymmetric effectsen_US
dc.subjectOECD countriesen_US
dc.titleImpact of house price on economic stability: some lessons from OECD countriesen_US
dc.typeJournal Articleen_US
dlc.maintopicIslamic bankingen_US
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicIslamic bankingen_US
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