Estimating the Peace Dividend: The Impact of Violence on House Prices in Northern Ireland
AbstractThis article exploits data on the pattern of violence across regions and over time to estimate the impact of the peace process in Northern Ireland on house prices. After establishing a negative correlation between killings and house prices, we estimate the parameters of a Markov switching model with conflict and peace as latent states. We use the model to estimate the size of the peace dividend as captured in house price changes. (JEL D74, R23, R31)
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 102 (2012)
Issue (Month): 2 (April)
Other versions of this item:
- Tim Besley & Hannes Mueller, 2009. "Estimating the peace dividend: the impact of violence on house prices in Northern Ireland," IFS Working Papers W09/18, Institute for Fiscal Studies.
- Timothy Besley & Hannes Mueller, 2009. "Estimating the Peace Dividend:The Impact of Violence on HousePrices in Northern Ireland," STICERD - Economic Organisation and Public Policy Discussion Papers Series 011, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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