Dynamics of a Protected Housing Market: The Case of Switzerland
AbstractThis study posits that there may be a strong relationship between the high degree of protectionism of the Swiss housing market and its stability. The article provides an overview of the Swiss housing policies that, it is argued, are highly conservative in the context of an international comparison. The stability of the Swiss housing economy is empirically tested. Based on the time-period from 1990 to 2009, in which two substantial crises occurred, house prices and construction activity are modelled. The emerging results, which are admittedly based on a very short time-series, are nonetheless consistent with previous theoretical and empirical research. Furthermore, the findings indicate that the Swiss housing economy operates in accordance with fundamentals. Based on a tentative approach that measures the occurrence of the crisis with annual indicator variables, no effects of the crises on the Swiss housing market can be detected.
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Bibliographic InfoArticle provided by Urban Studies Journal Limited in its journal Urban Studies.
Volume (Year): 49 (2012)
Issue (Month): 14 (November)
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Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal
Other versions of this item:
- Karol Jan BOROWIECKI, 2011. "Dynamics of a Protected Housing Market: The Case of Switzerland," Trinity Economics Papers tep1011, Trinity College Dublin, Department of Economics, revised Oct 2011.
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
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