| dc.identifier.uri | http://hdl.handle.net/11401/77422 | |
| dc.description.sponsorship | This work is sponsored by the Stony Brook University Graduate School in compliance with the requirements for completion of degree. | en_US |
| dc.format | Monograph | |
| dc.format.medium | Electronic Resource | en_US |
| dc.language.iso | en_US | |
| dc.publisher | The Graduate School, Stony Brook University: Stony Brook, NY. | |
| dc.type | Dissertation | |
| dcterms.abstract | The dissertation investigates the inter-dependence between financial and housing markets and analyzes how uncorrelated financial risk may promote an increase in housing demand and induce bubble-like behavior of residential real estate prices. We show that endogenous relative wealth concerns may play an important role in explaining the emergence and dynamics of housing price bubbles in times of technological innovation that has high level of uncertainty. We present a general equilibrium model in which house-buyers' exposure to financial risk together with concerns about relative wealth translates into housing price volatility. Unlike other models with endogenous relative wealth concerns, our model suggests a non-monotonic relation between technological risk and housing price risk. Our main result is that housing price bubbles are most likely to emerge as a result of house-buyer's financial risk exposure when this exposure is low. Additionally, the dissertation explores the recent growth of the subprime mortgage market in the United States and its effect on the housing market dynamics. It examines patterns in the borrowing/lending market in the presence of relative wealth concerns and analyzes the effects of mortgage market on the housing price dynamics. A non-monotonic relation between technological risk and housing price risk in our model suggests that high borrower's debt-to-income ratio resulting from high housing price volatility is more likely to be high when financial exposure of lenders is low. | |
| dcterms.available | 2017-09-20T16:52:40Z | |
| dcterms.contributor | Benitez-Silva, Hugo | en_US |
| dcterms.contributor | Brusco, Sandro | en_US |
| dcterms.contributor | Carceles-Poveda, Eva | en_US |
| dcterms.contributor | Lopomo, Guiseppe. | en_US |
| dcterms.creator | Kisina, Irina | |
| dcterms.dateAccepted | 2017-09-20T16:52:40Z | |
| dcterms.dateSubmitted | 2017-09-20T16:52:40Z | |
| dcterms.description | Department of Economics. | en_US |
| dcterms.extent | 83 pg. | en_US |
| dcterms.format | Application/PDF | en_US |
| dcterms.format | Monograph | |
| dcterms.identifier | http://hdl.handle.net/11401/77422 | |
| dcterms.issued | 2013-12-01 | |
| dcterms.language | en_US | |
| dcterms.provenance | Made available in DSpace on 2017-09-20T16:52:40Z (GMT). No. of bitstreams: 1
Kisina_grad.sunysb_0771E_11580.pdf: 83703820 bytes, checksum: 0de40aaf73ded8372986ebc35e969ab9 (MD5)
Previous issue date: 1 | en |
| dcterms.publisher | The Graduate School, Stony Brook University: Stony Brook, NY. | |
| dcterms.subject | Economics | |
| dcterms.title | Housing Market Dynamics: Financial Risk and Housing Price Bubbles | |
| dcterms.type | Dissertation | |
