how to deal with real estate booms

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1、WP/11/91HowtoDealwithRealEstateBooms:LessonsfromCountryExperiencesChristopherCrowe,GiovanniDell'Ariccia,DenizIgan,andPauRabanal©2011InternationalMonetaryFundWP/11/91IMFWorkingPaperResearchDepartmentHowtoDealwithRealEstateBooms:LessonsfromCountryExperiencesPreparedbyC

2、hristopherCrowe,GiovanniDell’Ariccia,DenizIgan,andPauRabanal1AuthorizedfordistributionbyStijnClaessensApril2011ThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthose

3、oftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurtherdebate.AbstractThefinancialcrisisshowed,onceagain,thatneglectingrealestateboomscanhavedisastrousconsequences.Inthispaper,wespelloutthecircumstancesunde

4、rwhichamoreactivepolicyagendaonthisfrontwouldbejustified.Then,weoffertentativeinsightsontheprosandconsaswellasimplementationchallengesofvariouspolicytoolsthatcanbeusedtocontainthedamagetothefinancialsystemandtheeconomyfromrealestateboom-bustepisodes.JELClassification

5、Numbers:E30,E44,E58,G28Keywords:realestate,macroeconomicpolicy,macroprudentialregulationAuthor’sE-MailAddresses:ccrowe@imf.org;gdellariccia@imf.org;digan@imf.org;prabanal@imf.org1ThispaperaccompaniesSDN/11/02:“PoliciesforMacrofinancialStability:OptionstoDealwithRealE

6、stateBooms.”WewouldliketothankMohsanBilalandJeanneVerrierforresearchassistanceandparticipantsattheBOK-IMFWorkshoponManagingRealEstateBoomsandBustsforvaluablecomments.2CONTENTSI.Introduction..............................................................................

7、.............................................3II.TheCaseforPolicyActiononRealEstateBooms..............................................................3III.PolicyOptions...................................................................................................

8、..................8A.MonetaryPolicy................................................................................................