{"id":110018,"date":"2024-01-22T16:25:12","date_gmt":"2024-01-22T15:25:12","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/110018\/"},"modified":"2024-11-07T03:39:56","modified_gmt":"2024-11-07T02:39:56","slug":"einfluss-der-haus-und-wohnungspreise-auf-das-wirtschaftswachstum-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/110018\/","title":{"rendered":"Effect of House Prices on Economic Growth"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-110018","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The differences in growth rates of EU countries in the 1995-2003 period can be attributed largely to the development of house prices and their effect on residential construction and private consumption. Rising real estate prices in the Anglo-Saxon and Northern European countries accelerated residential construction activities and also had a stimulating effect on private consumption through wealth effects. In market-based financial systems such as in Great Britain or Northern Europe, reactions are clearly stronger than in bank-based systems such as in continental Europe. Despite the success achieved on a medium-term basis by many countries with flexible real-estate markets and market-based financial systems, a long-term growth strategy should not be based on these instruments, for soaring property prices tend to be followed by a downturn affecting the economy as a whole.","onlinedate":"2005-11-21 01:00:00","lang":"German","publication_series":"","publication_date":"20051101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Hauspreise Wohnungspreise Wohnimmobilien Immobilienmarkt Immobilienverm\u00f6gen Finanzverm\u00f6gen Privater Konsum Wirtschaftswachstum\"]","jelcodes":"[]","related_publications":"[]","pdf":322946,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"78","monthly_report_pages":"761-774","monthly_report_pages_sort":"761","issue":"11","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[4043,3893],"persons_data":"[{\"personId\":4043,\"personName\":\"Markus Marterbauer\",\"organisationNames\":[]},{\"personId\":3893,\"personName\":\"Ewald Walterskirchen\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v26.5) - 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