Can Public Housing Trigger Industrialization?

Dalmazzo, Alberto; Blasio, Guido de; Poy, Samuele

doi:10.1016/j.jhe.2022.101853

Cited by 2 publications

(2 citation statements)

References 45 publications

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“…The state intervened with contributions of up to 50% of the cost of construction for individuals and entities devoted to the construction of social housing. In 1962, a central entity, “Ina-Casa”, was created with the purpose of both raising funds and assigning construction contracts for new dwellings for the working class (Dalmazzo et al. , 2021).…”

Section: The Honeycomb Cycle In the Italian Housing Marketmentioning

confidence: 99%

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Marzano

Piselli

Rubinacci

2022

JERER

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PurposeThe purpose of this paper is to provide a dating system for the Italian residential real estate market from 1927 to 2019 and investigate its interaction with credit and business cycles.Design/methodology/approachTo detect the local turning point of the Italian residential real estate market, the authors apply the honeycomb cycle developed by Janssen et al. (1994) based on the joint analysis of house prices and the number of transactions. To this end, the authors use a unique historical reconstruction of house price levels by Baffigi and Piselli (2019) in addition to data on transactions.FindingsThis study confirms the validity of the honeycomb model for the last four decades of the Italian housing market. In addition, the results show that the severe downsizing of the housing market is largely associated with business and credit contraction, certainly contributing to exacerbating the severity of the recession. Finally, preliminary evidence suggests that whenever a price bubble occurs, it is coincident with the start of phase 2 of the honeycomb cycle.Originality/valueTo the best of the authors’ knowledge, this is the first time that the honeycomb approach has been tested over such a long historical period and compared to the cyclic features of financial and real aggregates. In addition, even if the honeycomb cycle is not a model for detecting booms and busts in the housing market, the preliminary evidence might suggest a role for volume/transactions in detecting housing market bubbles.

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Section: The Honeycomb Cycle In the Italian Housing Marketmentioning

confidence: 99%

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Marzano

Piselli

Rubinacci

2022

JERER

View full text Add to dashboard Cite

show abstract

“…Among others, see Chen and Nong (2016), Malpezzi and Vendell (2002), Murray (1983), Sinai and Waldfogel (2005), and the reference therein. 20 For instance, see Dalmazzo et al (2022) for the case of Italy, Li and Yu (1990) for Hong Kong, and Phang and Helble (2016) for Singapore.…”

Section: Rental Market and Related Issuesmentioning

confidence: 99%

Housing and Macroeconomics

Leung

2023

SSRN Journal

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Can Public Housing Trigger Industrialization?

Cited by 2 publications

References 45 publications

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

The housing cycle as shaped by prices and transactions: a tentative application of the honeycomb approach for Italy (1927–2019)

Housing and Macroeconomics

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