This paper investigates whether the responses of house prices to external shocks, including US monetary policy and global geopolitical risk shocks vary, depending on country-specific vulnerabilities. We find that the responses of emerging market economies’ housing prices to both US monetary policy shocks and geopolitical risk shocks are higher in magnitude and duration than those of advanced economies. We also demonstrate that emerging market economies’ housing price responses to both shocks are much more robust in more vulnerable economies. In contrast, advanced economies’ responses are relatively less affected by debt level.

中文翻译：

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债务脆弱性和房价对外部冲击的反应

本文研究了房价对外部冲击（包括美国货币政策和全球地缘政治风险冲击）的反应是否因国家特定的脆弱性而异。我们发现，新兴市场经济体房价对美国货币政策冲击和地缘政治风险冲击的反应幅度和持续时间均高于发达经济体。我们还证明，新兴市场经济体的房价对这两种冲击的反应在较脆弱的经济体中更为强劲。相比之下，发达经济体的应对措施受债务水平的影响相对较小。