Suchergebnisse

Urban governance and development of informality in China and India / Arthur Acolin, Shahana Chattaraj, and Susan M. Wachter -- Comparative evidence on urban land-use regulation bureaucracy in developing countries / Paavo Monkkonen and Lucas Ronconi -- Urban land titling : lessons from a natural experiment / Sebastian Galiani and Ernesto Schargrodsky -- The formulation of informal real estate transactions in Rio's favelas / Janice E. Perlman -- Tenure regularization programs in favelas in Brazil / Patricia Cezario Silva and Yvonne Mautner -- Property markets without property rights : Dharavi's informal real estate market / Shahana Chattaraj -- Periurban land markets in the Bangalore region / Sai Balakrishnan -- Rehousing Mumbai : formulizing slum land markets through redevelopment / Vinit Mukhija -- Tenure regularization : process and experiences in Latin America / José Brakarz -- Making a difference in the predominantly informal city / David Gouverneur -- Informal land markets : perspectives for policy / Bish Sanyal

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How has the Global Financial Crisis shifted our view and understanding of these linkages? This detailed book answers these questions in an international comparative perspective. Specific topics covered include macroeconomic transmission channels of the housing cycle, the role of housing in the finance system, construction financing as a cycle amplifier, and various related public policy issues such as the policy remedies needed to deal with housing and mortgage-driven crises. Eminent scholars in the field provide insightful and original contributions, which will appeal to academics in the areas of macroeconomics, policy analysis and financial regulation. Practitioners involved in real estate and the mortgage market will also find it to be of interest.

Credit conditions have caused real estate booms and busts, owing to an underpricing of credit risk aided by regulatory arbitrage and shadow financing. Across countries, real estate price and credit bubbles have reflected not only inelastic land supply and thin trading, but also the amplification of shocks via backward‐looking price expectations and financing based on distorted prices. Macroprudential lessons from the Great Crisis include preventing excess real estate financing and limiting the amplification and correlation of risks. Nonetheless, the costs and benefits of recent regulations require re‐evaluation amid an ongoing need to address correlated risks from shadow financing and securitization. (JEL G28, E3, R31, R33, R38)

This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.

Neighborhood and Life Chances brings together researchers from a range of disciplines to demonstrate that place matters in education, physical health, crime, violence, housing, family income, mental health, and discrimination--issues that determine the quality of life among low-income residents of urban areas.