English, Article edition: Effect of House Prices on Economic Growth Markus Marterbauer; Ewald Walterskirchen

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Effect of House Prices on Economic Growth
Author
  • Markus Marterbauer
  • Ewald Walterskirchen
Physical Description
  • article
Notes
  • The differences in growth rates of EU countries in the 1995-2003 period can be attributed largely to the development of house prices and their effect on residential construction and private consumption. Rising real estate prices in the Anglo-Saxon and Northern European countries accelerated residential construction activities and also had a stimulating effect on private consumption through wealth effects. In market-based financial systems such as in Great Britain or Northern Europe, reactions are clearly stronger than in bank-based systems such as in continental Europe. Despite the success achieved on a medium-term basis by many countries with flexible real-estate markets and market-based financial systems, a long-term growth strategy should not be based on these instruments, for soaring property prices tend to be followed by a downturn affecting the economy as a whole.
  • Hauspreise Wohnungspreise Wohnimmobilien Immobilienmarkt Immobilienvermögen Finanzvermögen Privater Konsum Wirtschaftswachstum
  • RePEc:wfo:monber:y:2005:i:11:p:761-774
Language
  • English
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