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Financial liberalization and house price dynamics in Europe


Giuliodori, Massimo; Ganoulis, Ioannis


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-251707

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Abstract This paper investigates the determinants of house prices in a sample of European countries over the period 1970-2004. Focusing on the role of financial liberalization, we find that it has mainly affected the short term dynamics of residential prices. In particular, the impulse effects on house prices of income and mortgage debt have become smaller. On the other hand the effects of interest rates, past house prices and, to a lesser degree, stock market have strengthened. In other words, there seems to have been a certain “de-linking” of short term house price dynamics from income, whereas the housing market may have become more similar to a financial asset market, with interest rates and expectations of capital gains playing a more prominent role.
Klassifikation Volkswirtschaftslehre; Wirtschaftspolitik
Freie Schlagwörter house prices; financial liberalization; cointegration; error correction mechanism
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe 69 S.
Zeitschriftentitel Applied Economics (2010)
DOI http://dx.doi.org/10.1080/00036840903315494
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)