The author has made an interesting attempt at explaining cyclical fluctuations of housing markets and the role of finance systems in this process in the background of economic cycles. The theoretical aspects of reflections – multifaccted and deep – have been supported with comprehensive empirical studies conducted for the European Union member states (EU-27). Among the major advantages of this work is the fact that the author has based his reflections on the contemporary conception of economic cycles, applying modern econometric instruments, made an assessment of housing investment finance mechanisms in various stages of an economic cycle and depicted the consequences of their functioning for the shape of housing policy.

Exccrpt from a review for the publisher by
dr hab. Janusz Tomidajcwicz. prof. UEP