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Special Issue "Housing Market Bubbles, Credit and Crashes"
A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".
Deadline for manuscript submissions: closed (31 July 2019) | Viewed by 13987
Special Issue Editor
Interests: gold; financial contagion; virtual currencies; shadow banking; sustainable finance; dependence modelling; quantile regression
Special Issue Information
One of the causes of the Global Financial Crisis in 2008 was the combination of a credit boom and a housing bubble. Whilst the analysis of this specific episode is important and evidenced by a growing academic literature, more fundamental research is required to better understand the interaction between credit, housing bubbles and subsequent corrections.
A house is often the largest single asset of a household and determines both consumption and investment. In addition, the credit linked to the house plays an important role in the aggregate portfolios of financial institutions. The behaviour of house prices thus exerts a significant influence on the real economy, financial institutions and monetary policy. An understanding of these interactions is important to identify the factors that enhance economic, financial and monetary stability.
Housing as an asset class exhibits characteristics that are very different when compared with other asset classes such as equity or bonds: Housing can be both a consumption asset (owner-occupied) and an investment asset. Other distinguishing characteristics of the housing market are short-sale constraints and relative illiquidity.
Finally, bubble-like price movements or excess house prices may lead to excess household debt and restrict the access to affordable housing for an increasing group of the population and, thereby, increase inequality within generations and between generations.
In this Special Issue, we are open to research on housing market bubbles in general and research addressing the following questions in particular:
- What causes bubbles and crashes in the housing market?
- How can bubbles and crashes be avoided?
- What role plays credit in the housing market?
- Is excess mortgage debt related to housing bubbles and crashes?
- Are extreme house price movements different than price movements in other asset classes?
- Is the housing market more susceptible to bubbles and crashes than other markets?
- Is the availability and type of mortgage credit linked to extreme price movements in the housing market?
- What explains cross-country differences in the occurrence of housing bubbles and crashes?
- Does globalization (foreign capital) affect local housing markets?
- Does the evolution of housing as an asset class (financialization) increase the likelihood of house price bubbles?
- Do house price bubbles increase inequality?
- Are housing marekt bubbles more likely with fixed rate mortgage loans or with floating rate mortgage loans?
- Do ultra-low interest rates cause housing bubbles?
Manuscript Submission Information
Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.
Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.
Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.
- housing market
- bubbles and crashes
- mortgage credit
- short-sale constraints and illiquidity
- affordability and inequality