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House Price Determinants in Transition and EU-15 Countries


Posedel, Petra; Vizek, Maruška
House Price Determinants in Transition and EU-15 Countries // Post-communist economies, 21 (2009), 3; 329-355 doi:10.1080/14631370903090640 (međunarodna recenzija, članak, znanstveni)


Naslov
House Price Determinants in Transition and EU-15 Countries

Autori
Posedel, Petra ; Vizek, Maruška

Izvornik
Post-communist economies (1463-1377) 21 (2009), 3; 329-355

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
House prices; modelling; transition; VAR

Sažetak
This article studies house price developments in six European countries: Croatia, Estonia, Poland, Ireland, Spain and the United Kingdom. The main goal is to explore the factors driving the rise of house prices in transition countries. Because house price increases in the last two decades are not peculiar to transition countries, the analysis is extended to three EU-15 countries that have recorded house price rises. The similarities and differences between the two groups of countries in terms of house price determinants can thus be explored. In the first part of the empirical analysis VAR is employed to detect how GDP, housing loans, interest rates and construction contribute to real house price variance. In the second part of the analysis multiple regression models are estimated. The results of both methods suggest that the driving forces behind house price inflation in both groups of countries are very similar and encompass the combined influence of house price persistence, income and interest rates.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija



POVEZANOST RADA


Projekt / tema
002-0022469-2470 - Makroekonomska konvergencija Republike Hrvatske Europskoj uniji (Željko Lovrinčević, )
067-0000000-1076 - Modeli i metode operacijskih istraživanja u ekonomici i poslovnom odlučivanju (Zrinka Lukač, )

Ustanove
Ekonomski institut, Zagreb,
Ekonomski fakultet, Zagreb

Časopis indeksira:


  • Current Contents Connect (CCC)
  • Web of Science Core Collection (WoSCC)
    • Social Science Citation Index (SSCI)
    • SCI-EXP, SSCI i/ili A&HCI
  • Scopus
  • EconLit


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