Contents

1. Cover
2. Copyright
3. About the author
4. Acknowledgements
5. 1 Introduction
   1. Notes
6. 2 Land, Home Ownership and the Problem of Economic Rent
   1. 2.1 Land and economic rent
   2. 2.2 The rise and fall of home ownership
   3. 2.3 The post-World War II ‘Golden Age’
   4. 2.4 The collapse of Keynesianism and the neo-liberal turn
   5. 2.5 From subsidizing supply to subsidizing demand
   6. Notes
7. 3 The Housing–Finance Feedback Cycle and the Deregulation of Finance
   1. 3.1 Money creation, bank lending and house prices
   2. 3.2 Mortgage finance liberalization in the US
   3. 3.3 Mortgage finance liberalization in the UK
   4. 3.4 The rise of securitization and the globalization of housing finance
   5. 3.5 The housing–finance feedback cycle
   6. 3.6 The Great Financial Crisis
   7. Notes
8. 4 How and Why Economic Policy Went Astray
   1. 4.1 How rising house prices can keep the economy afloat
   2. 4.2 Is housing wealth real?
   3. 4.3 The role of central banks
   4. 4.4 The post-crisis feedback cycle
   5. Notes
9. 5 Breaking the Housing–Finance Feedback Cycle
   1. 5.1 Introduction
   2. 5.2 Banking and credit for public purpose
   3. 5.3 Reforming fiscal policy: taxing land values
   4. 5.4 Rethinking home ownership and tenure
   5. Notes
10. 6 Conclusion
11. End User License Agreement

List of Figures

1. Figure 1.1: House price-to-income ratio indexed to long-term average in 15 advanced economies since 1981
2. Figure 1.2: Home ownership in Anglo-Saxon economies since 1980 (share of all households)
3. Figure 2.1: US land, housing and consumer price indices, 2000 = 100
4. Figure 2.2: Home ownership rates for Anglo-Saxon countries (share of all households)
5. Figure 2.3: Decline in local property taxes in the US, 1952–1995 (% total)
6. Figure 3.1: Mortgage credit and house prices across advanced economies since 1870
7. Figure 3.2: Mortgage credit and non-mortgage credit (commercial and domestic) outstanding in advanced economies, 1950–2013
8. Figure 3.3: Two circuits of bank credit
9. Figure 3.4: US credit allocation by sector and real house prices, 1947–2013
10. Figure 3.5: Bank credit allocation by sector and real house prices in the UK, 1963–2015
11. Figure 3.6: Domestic mortgage debt-to-GDP ratios in European countries and the US in 1998 and 2009
12. Figure 3.7: The housing–finance feedback cycle
13. Figure 3.8: Real house prices, selected Eurozone countries, 1980–2016
14. Figure 4.1: US home equity withdrawal, 1990–2017
15. Figure 4.2: Ratio of total household mortgage debt to value of housing stock, 1980 and 2013
16. Figure 4.3: Non-financial assets as percentage of GDP in the UK, 1995–2017
17. Figure 5.1: House price-to-income ratios in Germany, Japan, Korea and Anglo-Saxon economies indexed to long-term average (100), 1995–2016
18. Figure 5.2: Bank credit allocation in Germany and real house prices, 1968–2013 (credit stocks to GDP)

Guide

1. Cover
2. Table of Contents
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