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Original scientific paper

THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH

Ksenija Dumičić   ORCID icon orcid.org/0000-0001-7131-9455 ; Department of Statistics, Faculty of Economics, University of Zagreb, Zagreb, Croatia
Anita Čeh Časni   ORCID icon orcid.org/0000-0002-2742-8619 ; Department of Statistics, Faculty of Economics, University of Zagreb, Zagreb, Croatia
Petra Šprajaček ; Faculty of Economics, University of Zagreb, Zagreb, Croatia

Fulltext: english, pdf (157 KB) pages 289-299 downloads: 2.456* cite
APA 6th Edition
Dumičić, K., Čeh Časni, A. & Šprajaček, P. (2012). THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH. Croatian Operational Research Review, 3 (1), 289-299. Retrieved from https://hrcak.srce.hr/96892
MLA 8th Edition
Dumičić, Ksenija, et al. "THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH." Croatian Operational Research Review, vol. 3, no. 1, 2012, pp. 289-299. https://hrcak.srce.hr/96892. Accessed 20 Oct. 2019.
Chicago 17th Edition
Dumičić, Ksenija, Anita Čeh Časni and Petra Šprajaček. "THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH." Croatian Operational Research Review 3, no. 1 (2012): 289-299. https://hrcak.srce.hr/96892
Harvard
Dumičić, K., Čeh Časni, A., and Šprajaček, P. (2012). 'THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH', Croatian Operational Research Review, 3(1), pp. 289-299. Available at: https://hrcak.srce.hr/96892 (Accessed 20 October 2019)
Vancouver
Dumičić K, Čeh Časni A, Šprajaček P. THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH. Croatian Operational Research Review [Internet]. 2012 [cited 2019 October 20];3(1):289-299. Available from: https://hrcak.srce.hr/96892
IEEE
K. Dumičić, A. Čeh Časni and P. Šprajaček, "THE LINKAGE BETWEEN REAL ESTATE PRICES AND THE MACRO-ECONOMY IN CROATIA: VAR APPROACH", Croatian Operational Research Review, vol.3, no. 1, pp. 289-299, 2012. [Online]. Available: https://hrcak.srce.hr/96892. [Accessed: 20 October 2019]

Abstracts
The aim of this paper is to investigate the interrelation between the housing sector and macroeconomy in Croatia. It focuses on the housing sector as a source of volatility and studies whether the
changes in house prices easily spillover to the rest of the economy. Furthermore, it studies how domestic variables, especially financial conditions, influence house prices. Finally, as Croatia is a small open economy, the responses of housing prices and other domestic variables to external shocks were explored. For the purpose of our research, a five variable structural vector autoregressive (SVAR) model comprising both domestic and foreign variables was used imposing block-exogeneity restrictions and assuming that domestic shocks have no significant impact on foreign variable. The model suggests that the developments in house prices and other domestic variables were mainly caused by external shocks. However, the changes in real estate prices have important influence on domestic variables in Croatia.

Keywords
real estate prices; financial conditions index; external shocks; SVAR model; block-exogeneity restrictions

Hrčak ID: 96892

URI
https://hrcak.srce.hr/96892

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