Summary of the literature
| Authors | Country | Period | Method | Results |
|---|---|---|---|---|
| Hofmann (2004) | 16 industrialised countries | 1985–2001 | VAR | Property prices → private credit (including household and corporate credit) No evidence for private credit → property prices |
| Agnello and Schuknecht (2011) | 18 industrialised countries | 1980–2007 | Multinominal probit model | Private credit → house prices The effect is stronger during house price busts |
| Gerlach and Peng (2005) | Hong Kong | 1982–2002 | VECM | Property prices → private credit (households and corporates) No evidence for private credit → property prices |
| Fitzpatrick and McQuinn (2007) | Ireland | 1981–2002 | VECM | New housing loans → house prices No evidence for house prices → credit |
| Brissimis and Vlassopoulos (2009) | Greece | 1993–2005 | VECM | House prices → housing loans No evidence that housing loans affect house prices |
| Oikarinen (2009) | Finland | 1975–2006 | VECM | House prices → housing credit Housing credit → house prices |
| Gimeno and Martinez-Carrascal (2010) | Spain | 1984–2009 | VECM | House prices → housing credit Housing credit → house prices |
| Anundsen and Jansen (2013) | Norway | 1986–2008 | SVECM | House prices → household credit (housing and consumer credit) Household credit → house prices |
| Turk (2015) | Sweden | 1980–2015 | VECM | House prices → household credit (housing and consumer credit) Household credit → house prices |
| Authors | Country | Period | Method | Results |
|---|---|---|---|---|
| 16 industrialised countries | 1985–2001 | VAR | Property prices → private credit (including household and corporate credit) | |
| 18 industrialised countries | 1980–2007 | Multinominal probit model | Private credit → house prices | |
| Hong Kong | 1982–2002 | VECM | Property prices → private credit (households and corporates) | |
| Ireland | 1981–2002 | VECM | New housing loans → house prices | |
| Greece | 1993–2005 | VECM | House prices → housing loans | |
| Finland | 1975–2006 | VECM | House prices → housing credit | |
| Spain | 1984–2009 | VECM | House prices → housing credit | |
| Norway | 1986–2008 | SVECM | House prices → household credit (housing and consumer credit) | |
| Sweden | 1980–2015 | VECM | House prices → household credit (housing and consumer credit) |
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