GROWTH, HOUSING, AND GLOBAL IMBALANCES

• 成果类型: Article
• 署名作者: Franjo, Luis; Lambertini, Luisa; Stepanchuk, Serhiy
• 署名单位: Universitat d'Alacant; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Universita della Svizzera Italiana; University of Southampton
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12674
• 发表日期: 2024
• 页码: 623-654
• 关键词: current account; financial development; price booms; WEALTH; constraints; assets; MARKET; POLICY; MODEL

摘要

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.