House price and credit cycles: Effects of global liquidity and risk perception

Public Seminar


Satoshi Tobe (Kwansei Gakuin University)


Other, please see description for details


Friday, 2 November, 2018 - 11:00 to 12:00

This presentation explores the determinants of house prices and bank credit. An empirical analysis of panel data of 22 developed countries during 1990–2015 reveals cross-border bank inflows and risk perception in global markets as the key drivers of house prices and bank credit. Moreover, it indicates that the effect of this risk perception on house prices is non-linear, depending on the leverage of local financial systems: it is stronger in economies with higher leveraged financial sectors.

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