Global Housing Markets

Acknowledgments ix
Editor's Note xi
1 The Financial Crisis and HousingMarkets Worldwide:Similarities, Differences, and Comparisons 1
Ashok Bardhan, Robert H. Edelstein, and Cynthia A.Kroll
PART I The United States Leads the Housing Bubble'sRise and Collapse
2 The U.S. HousingMarket and the Financial Crisis 23
Ashok Bardhan, Robert H. Edelstein, and Cynthia A.Kroll
PART II The European Union--One Continent, Many Markets:A Gauge of Government Institutions and Interventions
3 The 2008 Financial Crisis and the Danish Mortgage Market53
Jacob Gyntelberg, Kristian Kjeldsen, Morten BaekmandNielsen, and Mattias Persson
4 Prolonged Crisis 69
Thies Lindenthal and Piet Eichholtz
5 The Dynamics of the Irish HousingMarket 101
Simon Stevenson
6 House Prices and Market Institutions: The Dutch Experience135
Dirk Brounen and Piet Eichholtz
7 Real Estate Boom and Crisis in Spain 157
Antoni Sureda-Gomila
8 The UK and Europe's Selective Housing Bubble173
Christine Whitehead and Kathleen Scanlon
PART III Eastern Europe: European Emerging Markets Ride theWaves
9 The HousingMarket in Russia: Lessons of the Mortgage Crisis195
Nadezhda Kosareva and Andrey Tumanov
10 The HousingMarket and Housing Finance in Russia and ItsRegions: A Quantitative Analysis 229
Carsten Sprenger and Branko Urocaronsevi´c
11 The HousingMarket in Serbia in the Past Decade 247
Dejan Scaronoscaronkic´, Branko Uroscaronevic´,Boscaronko Zcaron ivkovic´, and MiloscaronBozcaronovic´
PART IV Asia Housing Bubbles Past, Present, and Future:Contrasts among Asian Economic Giants
12 Irrational Prosperity, HousingMarket, and FinancialCrisis: An Empirical Study of Beijing 271
Lu Ping, Zhen Hui, and Xu Yuehong
13 HomeMortgage and Real Estate Market in Shanghai 295
Jie Chen
14 Evolution of the Indian Housing Finance System andHousingMarket 319
R. V. Verma
15 The HousingMarket and Housing Finance under Liberalizationin India 343
C. P. Chandrasekhar
16 The Recent Financial Crisis and the HousingMarket in Japan357
Miki Seko, Kazuto Sumita, and Michio Naoi
PART V Managing Housing Bubbles and Housing Markets inDiverse Asian Economies
17 Comparing Two Financial Crises: The Case of Hong Kong RealEstate Markets 377
Charles Ka Yui Leung and Edward Chi Ho Tang
18 The Global Financial Crisis and the Korean Housing Sector:How Is This Time Different from the 1997 Asian Financial Crisis?399
Kyung-Hwan Kim
19 Government Policy, Housing Finance, and Housing Productionin Singapore 421
Lum Sau Kim
20 Taiwan: Housing Bubbles and Affordability 447
Chin-Oh Chang and Ming-Chi Chen
PART VI Avoiding Contagion in Other Markets
21 Australia's Economic Response to the GlobalFinancial Crisis and Its HousingMarkets 467
Dogan Tirtiroglu
22 The Financial Crisis and Brazil's ExpandingHousingMarket 491
Emilio Haddad and Joao Meyer
23 The Canadian HousingMarket: No Bubble? No Meltdown?511
Tom Carter
24 Partly Cloudy to Clear: The Israeli Economy and the LocalHousingMarket under the Storm of the World Financial Crisis535
Danny Ben-Shahar and Jacob Warszawski
Index 557