Growth, Housing, and Global Imbalances
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http://hdl.handle.net/10045/138144
Title: | Growth, Housing, and Global Imbalances |
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Authors: | Franjo, Luis | Lambertini, Luisa | Stepanchuk, Serhiy |
Research Group/s: | Análisis Económico |
Center, Department or Service: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Keywords: | Growth | Housing | Life-cycle model | Wage income profile |
Issue Date: | 16-Oct-2023 |
Publisher: | Wiley Periodicals |
Citation: | International Economic Review. 2024, 65(2): 623-654. https://doi.org/10.1111/iere.12674 |
Abstract: | In the decade leading to the Great Recession, the United States experienced rising house prices and current account deficits, whereas China and other fast-growing Asian economies saw rising house prices accompanied by current account surpluses. To explain these differences, we study a transition path in a two-country life-cycle model with housing once the two economies become financially integrated. We allow for asymmetries in productivity growth, the loan-to-value ratio, the life-cycle wage profile, and the population structure across countries. Our findings highlight that differences in the life-cycle pattern of the wage income profile are key to obtaining our results. |
Sponsor: | Luis Franjo acknowledges financial support from Consellería de Innovación, Universidades, Ciencia y Sociedad Digital de la Generalitat Valenciana (CIPROM/2021/060). |
URI: | http://hdl.handle.net/10045/138144 |
ISSN: | 0020-6598 (Print) | 1468-2354 (Online) |
DOI: | 10.1111/iere.12674 |
Language: | eng |
Type: | info:eu-repo/semantics/article |
Rights: | © 2023 The Authors. International Economic Review published by Wiley Periodicals LLC on behalf of the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
Peer Review: | si |
Publisher version: | https://doi.org/10.1111/iere.12674 |
Appears in Collections: | INV - Análisis Económico - Artículos de Revistas |
Files in This Item:
File | Description | Size | Format | |
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Franjo_etal_2024_IntEconRev.pdf | 1,69 MB | Adobe PDF | Open Preview | |
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