House Prices and Mortgage Credit: Empirical Evidence for Ireland
House Prices and Mortgage Credit: Empirical Evidence for Ireland
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房价和抵押贷款：爱尔兰的经验证据
DOI：
10.1111/j.1467-9957.2007.01004.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
K. McQuinn
中科院分区：
文献类型：
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作者：
Trevor Fitzpatrick;K. McQuinn
在爱尔兰，1996年至2002年期间，真实的房地产价格平均每年增长12%，住宅抵押贷款也大幅增加。爱尔兰经济提供了一个有趣的案例研究，一个快速增长的经济体，非常低的名义利率经历了房地产繁荣。在本文中，我们实证研究国内银行信贷和爱尔兰房价之间的关系。使用一些计量经济学的方法，我们发现一个长期的相互加强的关系的证据。我们使用长期结果来支撑住房和信贷部门的短期体系，并表明房价和信贷对家庭可支配收入一次性增长的短期反应在最初变化后的近三年内都能感受到。
In Ireland, real property prices have increased at an average of 12 per cent per annum between 1996 and 2002 with residential mortgage credit also increasing substantially. The Irish economy provides an interesting case study of a rapidly growing economy with very low nominal interest rates experiencing a housing boom. In this paper, we empirically examine the relationship between domestic bank credit and Irish house prices. Using a number of econometric approaches, we find evidence of a long-run mutually reinforcing relationship. We use the long-run results to underpin a short-run system of the housing and credit sector and show that the short run response of house prices and credit to a one off increase in household disposable income is felt for almost three years after the initial change.