The Blackwell Companion to the Economics of Housing The Housing Wealth of Nations

by Smith, Susan J.; Searle, Beverley A.

• ISBN13: 9781405192156
• ISBN10: 1405192151
• Edition: 1st
• Format: Hardcover
• Copyright: 2010-03-29
• Publisher: Wiley-Blackwell

Summary

The Blackwell Companion to the Economics of Housing will help students and professionals alike to explore key elements of the housing economy: home prices, housing wealth, mortgage debt, and financial risk. Features 24 original essays, including an editorial introduction and three section overviews Includes 39 world-class authors from a mix of educational and financial organizations in the UK, Europe, Australia, and North America Broadly-based, scholarly and accessible, serving students and professionals who wish to understand how today's housing economy works Profiles the role and relevance housing wealth; the janus face of mortgage debt; and the pitfalls and potential of hedging housing risk Key topics include: the housing price bubble and crash; the subprime mortgage crisis in the US and its aftermath; the links between housing wealth, the macroeconomy, and the welfare of home-occupiers; the mitigation of credit and housing investment risks Specific case studies help to illustrate concepts, along with new data sets and analyses to illustrate empirical points

Author Biography

Susan J. Smith is Mistress of Girton College Cambridge. She was previously Professor of Geography and a Director of the Institute of Advanced Study at Durham University. She is a graduate of Oxford University (MA, DPhil), a Fellow of the British Academy and of the Royal Society of Edinburgh, an Academician of the Academy of Social Sciences and a member of the Society of Authors. Professor Smith has published over 100 scholarly papers covering topics that range from residential segregation to health discrimination, from mortgage equity withdrawal to spread-betting on home price dynamics. Her books include Housing & Social Policy (1990), Housing for Health (2000), The Politics of Race and Residence (1989), and Children at Risk (1995). She is Editor-in-chief of the forthcoming International Encyclopedia of Housing and Home (2012) and has written a variety of press articles on home prices and housing markets.

Beverley A. Searle is a Lecturer in Human Geography at Durham University. She gained a PhD in 2005 from the University of York. Her research interest focuses on housing wealth and households' welfare and well-being. She is author of Well-being: In Search of a Good Life? (2008).

Table of Contents

List of Figures	p. viii
List of Tables	p. xii
Notes on Contributors	p. xv
Preface	p. xxvii
Acknowledgments	p. xxix
Introduction	p. 1
Banking on Housing	p. 29
Editorial	p. 31
Housing and Mortgage Markets: An OECD Perspective	p. 38
Is Housing Wealth an "ATM"?: International Trends	p. 58
Housing Wealth Effects and Course of the US Economy: Theory, Evidence, and Policy Implications	p. 82
The Rise in Home Prices and Household Debt in the UK: Potential Causes and Implications	p. 105
Housing Wealth and Mortgage Debt in Australia	p. 126
A Survey of Housing Equity Withdrawal and Injection in Australia	p. 147
What do we Know about Equity Withdrawal by Households in New Zealand?	p. 176
What Happened to the Housing System?	p. 201
Housing Wealth As A Financial Buffer	p. 225
Editorial	p. 227
Trading on Housing Wealth: Political Risk in an Aging Society	p. 238
Housing Equity Withdrawal and Retirement: Evidence from the Household, Income, and Labor Dynamics in Australia Survey (HILDA)	p. 257
Housing Market, Wealth, and "Self-Insurance" in Spain	p. 279
Housing Wealth: a Safety Net of Last Resort? Findings from a European Study	p. 295
"Pots of Gold": Housing Wealth and Economic Wellbeing in Australia	p. 316
Housing Wealth as Insurance: Insights from the UK	p. 339
Housing to Manage Debt and Family Care in the USA	p. 361
The Subprime State of Race	p. 381
The Housing Finance Revolution	p. 414
Mitigating Housing Risk	p. 447
Editorial	p. 449
How Housing Busts End: Home Prices, User Cost, and Rigidities During Down Cycles	p. 459
Is there a Role for Shared Equity Products in Twenty-First Century Housing? Experience in Australia and the UK	p. 481
Trading on Home Price Risk: Index Derivatives and Home Equity Insurance	p. 499
Hedging Housing Risk: a Financial Markets Perspective	p. 512
Hedging Housing Risk: Is it Feasible?	p. 556
Housing Risk and Property Derivatives: The Role of Financial Engineering	p. 569
Housing Futures: A Role for Derivatives?	p. 585
Index	p. 608
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