{"id":113408,"date":"2024-01-22T18:32:34","date_gmt":"2024-01-22T17:32:34","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/113408\/"},"modified":"2024-11-07T04:12:53","modified_gmt":"2024-11-07T03:12:53","slug":"immobilienkrise-mehr-als-der-ausloeser-der-finanzmarktkrise-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/","title":{"rendered":"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-113408","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The bursting of the housing bubble in the USA was a key factor to propel the ensuing financial crisis. When real estate suffers a massive loss of value, banks are in greater trouble than when faced with a stock market crash because land is the main collateral for bank loans and home ownership is much more widespread than shareholdings. Historical studies have found a close link between real estate crises and financial crises. A collapse of real estate prices typically precedes a financial crisis by about a year.","onlinedate":"2009-12-21 01:00:00","lang":"German","publication_series":"","publication_date":"20091201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":335651,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"82","monthly_report_pages":"943-950","monthly_report_pages_sort":"943","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3893],"persons_data":"[{\"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":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Walterskirchen, E.<\\\/span> (2009). <span>Immobilienkrise \u2013 mehr als der Ausl\u00f6ser der Finanzmarktkrise<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>82<\\\/em>(12), 943-950. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37845\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37845<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Walterskirchen E<\\\/span>. <span class=\\\"title\\\"><span>Immobilienkrise \u2013 mehr als der Ausl\u00f6ser der Finanzmarktkrise<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2009 Dec;82(12):943-950.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{393d2048a64849b681367ba1bd7c1a35,<\\\/div><div>  title    = \\\"Immobilienkrise \u2013 mehr als der Ausl{\\\\\\\"o}ser der Finanzmarktkrise\\\",<\\\/div><div>  abstract = \\\"Das Platzen der Immobilienpreisblase in den USA war ein zentrales Element der Finanzmarktkrise. F{\\\\\\\"u}r Banken ist ein massiver Wertverlust von Immobilien gef{\\\\\\\"a}hrlicher als einem B{\\\\\\\"o}rsenkrach, weil Grundst{\\\\\\\"u}cke die zentrale Besicherung f{\\\\\\\"u}r Bankkredite sind und Hausbesitz in der Bev{\\\\\\\"o}lkerung viel st{\\\\\\\"a}rker verbreitet ist als Aktienbesitz. Historische Untersuchungen zeigen einen engen Zusammenhang zwischen Immobilienpreis- und Finanzmarktkrisen: Ein Verfall der Immobilienpreise geht einer Finanzmarktkrise in der Regel um ein Jahr voraus. Eine wichtige Aufgabe der Geld- und insbesondere Budgetpolitik ist, die Bildung von Preisblasen auf den Immobilienm{\\\\\\\"a}rkten fr{\\\\\\\"u}hzeitig zu bremsen.\\\",<\\\/div><div>  keywords = \\\"Finanzmarktkrise Immobilienpreise Preisblase\\\",<\\\/div><div>  author   = \\\"Ewald Walterskirchen\\\",<\\\/div><div>  note     = \\\"Finanzmarktkrise Immobilienkrise\\\",<\\\/div><div>  year     = \\\"2009\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"82\\\",<\\\/div><div>  pages    = \\\"943--950\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Immobilienkrise \u2013 mehr als der Ausl\u00f6ser der Finanzmarktkrise<\\\/p><p>AU  - Walterskirchen, Ewald<\\\/p><p>N1  - Finanzmarktkrise Immobilienkrise<\\\/p><p>PY  - 2009\\\/12<\\\/p><p>Y1  - 2009\\\/12<\\\/p><p>N2  - Das Platzen der Immobilienpreisblase in den USA war ein zentrales Element der Finanzmarktkrise. F\u00fcr Banken ist ein massiver Wertverlust von Immobilien gef\u00e4hrlicher als einem B\u00f6rsenkrach, weil Grundst\u00fccke die zentrale Besicherung f\u00fcr Bankkredite sind und Hausbesitz in der Bev\u00f6lkerung viel st\u00e4rker verbreitet ist als Aktienbesitz. Historische Untersuchungen zeigen einen engen Zusammenhang zwischen Immobilienpreis- und Finanzmarktkrisen: Ein Verfall der Immobilienpreise geht einer Finanzmarktkrise in der Regel um ein Jahr voraus. Eine wichtige Aufgabe der Geld- und insbesondere Budgetpolitik ist, die Bildung von Preisblasen auf den Immobilienm\u00e4rkten fr\u00fchzeitig zu bremsen.<\\\/p><p>AB  - Das Platzen der Immobilienpreisblase in den USA war ein zentrales Element der Finanzmarktkrise. F\u00fcr Banken ist ein massiver Wertverlust von Immobilien gef\u00e4hrlicher als einem B\u00f6rsenkrach, weil Grundst\u00fccke die zentrale Besicherung f\u00fcr Bankkredite sind und Hausbesitz in der Bev\u00f6lkerung viel st\u00e4rker verbreitet ist als Aktienbesitz. Historische Untersuchungen zeigen einen engen Zusammenhang zwischen Immobilienpreis- und Finanzmarktkrisen: Ein Verfall der Immobilienpreise geht einer Finanzmarktkrise in der Regel um ein Jahr voraus. Eine wichtige Aufgabe der Geld- und insbesondere Budgetpolitik ist, die Bildung von Preisblasen auf den Immobilienm\u00e4rkten fr\u00fchzeitig zu bremsen.<\\\/p><p>KW  - Finanzmarktkrise Immobilienpreise Preisblase<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 82<\\\/p><p>SP  - 943<\\\/p><p>EP  - 950<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","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 v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:12:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113408\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113408\\\/\",\"name\":\"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis - WIFO\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\"},\"datePublished\":\"2024-01-22T17:32:34+00:00\",\"dateModified\":\"2024-11-07T03:12:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113408\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113408\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/113408\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/WIFOat\\\/\",\"https:\\\/\\\/x.com\\\/WIFOat\",\"https:\\\/\\\/linkedin.com\\\/company\\\/wifoat\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/mission-und-strategie\\\/\",\"ownershipFundingInfo\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/organisation\\\/\",\"actionableFeedbackPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/aktuelles\\\/presse\\\/\",\"correctionsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/kontakt\\\/\",\"ethicsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/evidenzbasierung-transparenz-und-unabhaengigkeit\\\/\",\"diversityPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\",\"diversityStaffingReport\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/","og_locale":"en_US","og_type":"article","og_title":"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2024-11-07T03:12:53+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/","url":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/","name":"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2024-01-22T17:32:34+00:00","dateModified":"2024-11-07T03:12:53+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/113408\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/113408\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"The Bursting of the Real Estate Bubble: More than a Trigger for the Financial Crisis"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/113408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":1,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/113408\/revisions"}],"predecessor-version":[{"id":335641,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/113408\/revisions\/335641"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/3893"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/44312"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=113408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}