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The most important development determining current housing-market and housing policies worldwide is the credit crunch. When the problems exploded on US mortgage markets, a banking crisis started in the US and later in other parts of the world. From a scientific viewpoint there is insufficient knowledge about the relation between an economic crisis (in particular a credit crunch) and national housing systems. This special issue seeks to connect a general analysis of the current credit crunch, the way it manifests itself in one country or several, and the policies to fight it. Thus, the economic crisis will be related to the characteristics of the national housing systems and specific policies to stimulate housing demand and construction. The main objective of this issue is to identify which institutions, policies and characteristics determine the resilience of housing systems and then to suggest how the resilience of these systems could be improved. The analysis covers not only the impact of the credit crunch on the housing system but also the impact that shocks in the housing system have on the general economic situation. This theme was addressed during the ISA-RC43 conference in Glasgow (September 1‐4, 2009) in a number of papers and keynote presentations. These formed the starting point for this special issue.

The credit crunch, interrelations between (in)stability of housing markets and the general economy: setting the scene