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This paper examines rising asset prices in India. For the most part, asset prices in India reflect structural factors but the risk of a correction cannot be ruled out. However, at this juncture monetary policy may not be the most effective tool to safeguard financial stability because (i) India's economy is undergoing rapid structural change making it difficult to identify price misalignments; (ii) the macroeconomic impact of an asset price correction is likely to be small; and (iii) the relationship between monetary policy and asset prices is also weak. Targeted changes in financial regulations are better tools to address potential risks.

Finance: General --- Financial Risk Management --- Macroeconomics --- Real Estate --- Price Level --- Inflation --- Deflation --- General Financial Markets: General (includes Measurement and Data) --- International Financial Markets --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Finance --- Property & real estate --- Asset prices --- Stock markets --- Asset valuation --- Real estate prices --- Securities markets --- Prices --- Stock exchanges --- Asset-liability management --- Housing --- Capital market --- India --- Securities --- Macroeconomics. --- Econometric models.

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Para la mayor parte de los ciudadanos, la compra de un inmueble residencial —una vivienda— es la operación más importante de toda la vida. Los inmuebles residenciales hogares y, al mismo tiempo, el activo más valioso. Los índices de precios de inmuebles residenciales (IPIR) son números índice que miden el ritmo al que evolucionan los precios de los inmuebles residenciales con el correr del tiempo. Los IPIR son estadísticas fundamentales no solo para los ciudadanos y los hogares del mundo entero, sino también para las autoridades económicas y monetarias. Entre otras cosas, sirven para vigilar los desequilibrios macroeconómicos. Este Manual presenta por primera vez pautas exhaustivas para la compilación de IPIR y explica en detalle los métodos y las prácticas óptimas utilizados para calcularlos. Asimismo, examina los conceptos económicos y estadísticos fundamenmetodológicas y prácticas para la compilación de este tipo de índice. El Manual está dirigido principalmente a los encargaíndices; al mismo tiempo, atiende la necesidad general de IPIR ofreciendo a todas las partes interesadas en su compilación un marco metodológico y práctico armonizado. El Manual es obra de destacados especialistas en la teoría de números índice y reconocidos expertos en la compilación de estadística de la Unión Europea, con la colaboración del Banco Mundial, la Comisión Económica de las Naciones Unidas para Europa (UNECE), el Fondo Monetario Internacional (FMI), la Organización Internacional del Trabajo (OIT) y la Organización para la Cooperación y el Desarrollo Económicos (OCDE).

Inflation --- Infrastructure --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Price Level --- Deflation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Nonagricultural and Nonresidential Real Estate Markets --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Property & real estate --- Finance --- Investment & securities --- Price indexes --- Housing prices --- Land prices --- House price indexes --- Prices --- Saving and investment --- National income --- South Africa

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L'achat d'un logement est généralement l'opération financière la plus importante à laquelle un citoyen procédera au cours de sa vie. Le logement représente la plus grande proportion des dépenses des ménages, mais également leur bien le plus cher. Les indices des prix de l'immobilier résidentiel mesurent le taux de variation de ces prix au fil du temps. Ces statistiques sont essentielles non seulement pour les ménages du monde entier, mais également pour les décideurs de la politique économique et monétaire. Parmi leurs utilisations professionnelles, ils servent par exemple à surveiller les déséquilibres macroéconomiques et l'exposition aux risques du secteur financier. Ce manuel, premier du genre, présente des orientations complètes pour l'établissement des indices des prix de l'immobilier résidentiel et explique en détail les méthodes et bonnes pratiques utilisées pour leur calcul. Il examine également les fondements économiques et statistiques sous-jacents, et définit les principes qui orientent les choix méthodologiques et pratiques pour l'établissement des indices. Le manuel est destiné principalement aux statisticiens officiels chargés de produire des indices des prix de l'immobilier résidentiel, ainsi qu'à toute partie intéressée par l'établissement de tels indices, en leur fournissant un cadre méthodologique et pratique harmonisé. Le manuel des indices des prix de l'immobilier résidentiel a été rédigé par d'éminents spécialistes universitaires de la théorie des indices et par des experts de l'établissement de tels indices. Sa préparation a été coordonnée par l'Office statistique de l’Union européenne (Eurostat), avec la collaboration de la Banque mondiale, de la Commission économique des Nations Unies pour l’Europe, du Fonds monétaire international (FMI), de l’Organisation de coopération et de développement économiques (OCDE) et de l’Organisation internationale du travail (OIT).

South Africa --- Inflation --- Infrastructure --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Price Level --- Deflation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Nonagricultural and Nonresidential Real Estate Markets --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Property & real estate --- Finance --- Investment & securities --- Price indexes --- Housing prices --- Land prices --- House price indexes --- Prices --- Saving and investment --- National income

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For most citizens, buying a residential property (dwelling) is the most important transaction during their lifetime. Residential properties represent the most significant component of households’ expenses and, at the same time, their most valuable assets. The Residential Property Prices Indices (RPPIs) are index numbers measuring the rate at which the prices of residential properties are changing over time. RPPIs are key statistics not only for citizens and households across the world, but also for economic and monetary policy makers. Among their professional uses, they serve, for example, to monitor macroeconomic imbalances and risk exposure of the financial sector. This Handbook provides, for the first time, comprehensive guidelines for the compilation of RPPIs and explains in depth the methods and best practices used to calculate an RPPI. It also examines the underlying economic and statistical concepts and defines the principles guiding the methodological and practical choices for the compilation of the indices. The Handbook primarily addresses official statisticians in charge of producing residential property price indices; at the same time, it addresses the overall requirement on RPPIs by providing a harmonised methodological and practical framework to all parties interested in the compilation of such indices. The RPPIs Handbook has been written by leading academics in index number theory and by recognised experts in RPPIs compilation. Its development has been coordinated by Eurostat, the statistical office of the European Union, with the collaboration of the International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE) and the World Bank.

Inflation --- Infrastructure --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Investments: General --- Exports and Imports --- Price Level --- Deflation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Nonagricultural and Nonresidential Real Estate Markets --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Trade: General --- Property & real estate --- Finance --- Investment & securities --- International economics --- Price indexes --- Housing prices --- Land prices --- House price indexes --- Prices --- National accounts --- Export fluctuations --- International trade --- Saving and investment --- National income --- Exports --- South Africa

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This paper examines how and why financial resources were channeled almost exclusively to specific asset markets in Japan, the United Kingdom, and the United States in the late 1980s. A decline in demand for funds by traditional borrowers, and a shift by savers from banks toward indirect securities investments were critical factors in all three cases. Until intermediaries and investors learned to evaluate new opportunities, funds were recycled in certain asset markets. The pressures on Japanese asset markets were particularly intense because of the size of Japan’s domestic saving relative to traditional domestic investment opportunities.

Banks and Banking --- Corporate Finance --- Inflation --- Real Estate --- Macroeconomics --- Investments: General --- Price Level --- Deflation --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Financial Institutions and Services: General --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Property & real estate --- Ownership & organization of enterprises --- Investment & securities --- Real estate prices --- Business enterprises --- Bank deposits --- Prices --- Asset prices --- Economic sectors --- Securities --- Financial institutions --- Banks and banking --- Housing --- Financial instruments --- United Kingdom