Original scientific paper
Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries
Maruška Vizek
Full text: croatian pdf 129 Kb
page 27-60
downloads: 689
cite
APA 6th Edition
Vizek, M. (2010). Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries. Privredna kretanja i ekonomska politika, 20 (125), 27-60. Retrieved from https://hrcak.srce.hr/index.php/64147
MLA 8th Edition
Vizek, Maruška. "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries." Privredna kretanja i ekonomska politika, vol. 20, no. 125, 2010, pp. 27-60. https://hrcak.srce.hr/index.php/64147. Accessed 23 Nov. 2024.
Chicago 17th Edition
Vizek, Maruška. "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries." Privredna kretanja i ekonomska politika 20, no. 125 (2010): 27-60. https://hrcak.srce.hr/index.php/64147
Harvard
Vizek, M. (2010). 'Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries', Privredna kretanja i ekonomska politika, 20(125), pp. 27-60. Available at: https://hrcak.srce.hr/index.php/64147 (Accessed 23 November 2024)
Vancouver
Vizek M. Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries. Privredna kretanja i ekonomska politika [Internet]. 2010 [cited 2024 November 23];20(125):27-60. Available from: https://hrcak.srce.hr/index.php/64147
IEEE
M. Vizek, "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries", Privredna kretanja i ekonomska politika, vol.20, no. 125, pp. 27-60, 2010. [Online]. Available: https://hrcak.srce.hr/index.php/64147. [Accessed: 23 November 2024]
Full text: english pdf 490 Kb
page 27-60
downloads: 2.184
cite
APA 6th Edition
Vizek, M. (2010). Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries. Privredna kretanja i ekonomska politika, 20 (125), 27-60. Retrieved from https://hrcak.srce.hr/index.php/64147
MLA 8th Edition
Vizek, Maruška. "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries." Privredna kretanja i ekonomska politika, vol. 20, no. 125, 2010, pp. 27-60. https://hrcak.srce.hr/index.php/64147. Accessed 23 Nov. 2024.
Chicago 17th Edition
Vizek, Maruška. "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries." Privredna kretanja i ekonomska politika 20, no. 125 (2010): 27-60. https://hrcak.srce.hr/index.php/64147
Harvard
Vizek, M. (2010). 'Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries', Privredna kretanja i ekonomska politika, 20(125), pp. 27-60. Available at: https://hrcak.srce.hr/index.php/64147 (Accessed 23 November 2024)
Vancouver
Vizek M. Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries. Privredna kretanja i ekonomska politika [Internet]. 2010 [cited 2024 November 23];20(125):27-60. Available from: https://hrcak.srce.hr/index.php/64147
IEEE
M. Vizek, "Short-run and Long-run Determinants of House Prices in Eastern and Western European Countries", Privredna kretanja i ekonomska politika, vol.20, no. 125, pp. 27-60, 2010. [Online]. Available: https://hrcak.srce.hr/index.php/64147. [Accessed: 23 November 2024]
Abstract
This paper uses cointegration and error-correction models to examine the long-run and short-run behavior of house prices in Eastern and Western European countries. Four post-transition (Bulgaria, Croatia, the Czech Republic, and Estonia) and three developed EU countries (Ireland, Spain, and the U.K.) are included in the sample. House price behavior for each country is modeled separately as a function of income, interest rates, credit, construction activity, and employment. The results of the empirical analysis suggest that, in the long run, interest rate changes explain house price behavior in both groups of countries, while income changes are only relevant for Western European countries. Along with interest rates and income, house prices in both groups of countries react in the short run to changes in the construction activity. Moreover, house price persistence is important for short-run house price changes in both groups of countries. Housing loan changes also affect the short-run house price behavior, but this effect is limited to Eastern European countries.
Keywords
determinants of house prices; housing markets; cointegration; Central and Eastern Europe; Western Europe
Hrčak ID:
64147
URI
https://hrcak.srce.hr/64147
Publication date:
15.2.2011.
Article data in other languages:
croatian
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