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Presents a theory of comparative differences in international housing outcomes. Introduces institutional differences in the ways housing expenditures are financed, and the economic determinants of housing outcomes, such as construction costs, land values, housing quality, and ownership rates. Analyzes the flow of funds to and from the different national housing finance sectors. Develops an understanding of the greater financial and macroeconomic implications of the mortgage credit sector, and how policies affect the ways in which housing asset fluctuations impact national economies. Considers the perspective of investors in international real estate markets and the risks and rewards involved. Draws on lessons from an international comparative approach, and applies them to economic and finance policies at the local, state/provincial, and federal levels within a country of choice. Students taking graduate version complete additional assignments.