A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.

A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.

This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

This innovative book analyses the role played by real estate markets in global financial stability and examines the fragile link between the two. Through what transmission channels do housing market cycles influence broader economic systems? How

This book re-examines the role of urban policy and planning in relation to the housing market in an era of global uncertainty and change. The relationship between planning and the housing market is a contested problem across research, policy, and practice. Problems with housing supply and affordability in many nations have been linked to planning system constraints, while the global financial crisis has raised new questions about the role of urban planning regulation and processes in responding to housing market trends. With reference to international cases from the United Kingdom, the United States, Ireland, Hong Kong and Australia, the book examines how different systems of urban planning and governance address complex and dynamic housing market trends. It also offers practical guidance on how urban planning can support an efficient supply of appropriate and affordable homes in preferred locations. A detailed study, which explains and decodes the workings of the planning system and housing market, this book will be of particular interest to scholars of human geography and urban planning, as well as housing policy makers and practitioners. To view Nicole Gurran’s related TEDx talk please visit: Housing Crisis? How about housing solutions. TEDx Sydney 2018 (http://bit.ly/2psfpMw)

This in-depth volume explains China's residential construction boom and reviews how some established trends are likely to challenge its housing market in coming years. It draws on household surveys and public data in China and provides important lessons about housing policy for China and other countries.

From Britain’s ‘Generation Rent’ to Hong Kong’s notorious ‘cage homes’, societies around the world are facing a housing crisis of unprecedented proportions. The social consequences have been profound, with a lack of affordable housing resulting in overcrowding, homelessness, broken families and, in many countries, a sharp decline in fertility. In Broken Cities, Deborah Potts offers a provocative new perspective on the global housing crisis arguing that the problem lies mainly with demand rather than supply. Potts shows how market-set rates of pay and incomes for vast numbers of households in the world’s largest cities in the global South and North are simply too low to rent or buy any housing that is legal, planned and decent. As the influence of free market economics has increased, the situation has worsened. Potts argues that the crisis needs radical solutions. With the world becoming increasingly urbanized, this book provides a timely and urgent account of one of the most pressing social challenges of the 21st century. Exploring the effects of the housing crisis across the global North and South, Broken Cities is a warning of the greater crises to come if these issues are not addressed.