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The Size of the Rental Market and Housing Market Fluctuations
[journal article]
Abstract The paper investigates whether the size of the rental market affects house prices fluctuations or the volatility of construction sector activity over the business cycle. For that purpose we construct a database of variables describing the housing sector in a group of twelve initial euro area members... view more
The paper investigates whether the size of the rental market affects house prices fluctuations or the volatility of construction sector activity over the business cycle. For that purpose we construct a database of variables describing the housing sector in a group of twelve initial euro area members and ten other OECD countries over the years 1995-2014 and conduct a series of panel regressions. We find that a developed rental market attenuates fluctuations in the housing sector, especially for the common currency area sample. We claim that differences among monetary union countries in terms of rental market developments can be destabilizing as they might lead to heterogeneous response to common shocks.... view less
Keywords
housing market; housing; housing construction; price; cost trend; EU member state; OECD member country; monetary union; panel; regression analysis
Classification
Economic Sectors
Area Development Planning, Regional Research
Free Keywords
Rental market; Housing sector; Panel data; European Union Statistics on Income and Living Conditions (EU-SILC); UN Yearbooks; UN World Population Prospects; BIS; Eurostat LFS; OECD Economic Outlook no. 100; World Bank WDI; IMF IFS
Document language
English
Publication Year
2018
Page/Pages
p. 261-281
Journal
Open Economies Review, 29 (2018)
Issue topic
Financial Market Dynamics, Monetary Policy, Investment and Trade: Papers Presented at the Fourth International Symposium in Computational Economics and Finance (Paris, April 14-16, 2016)
DOI
https://doi.org/10.1007/s11079-017-9452-1
Status
Published Version; peer reviewed