000			01346nam a22001457a 4500
999			_c517527 _d517527
008			210719b ||||| |||| 00| 0 eng d
100			_aFabozzi, F.J., Shiller, R.J. and Tunaru, R.S. _926767
245			_aA 30-year perspective on property derivatives: What can be done to tame property price risk?
260			_aThe Journal of Economic Perspectives
300			_a34(4), Fall, 2020: p.121-145
520			_aThe housing sector is the largest spot market in the world without a developed derivative contract to serve the risk management needs of market participants. This paper describes the evolution within a wider economic context of property derivatives in the United States and worldwide. We review various economic arguments presented in the literature to highlight the advantages of these financial instruments to society. The paper also provides a critical perspective on the principal obstacles hindering the development of property derivatives based on real estate prices—especially housing prices—and what can be done to overcome these difficulties. The issues discussed can serve as a guide for designing property derivatives capable of hedging real estate risk that has resurfaced time and time again in financial crises. – Reproduced
773			_aThe Journal of Economic Perspectives
906			_aHOUSING
942			_cAR