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Dynamics of a Protected Housing Market: The Case of Switzerland

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  • Karol Jan Borowiecki

Abstract

This 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 Info

Article provided by Urban Studies Journal Limited in its journal Urban Studies.

Volume (Year): 49 (2012)
Issue (Month): 14 (November)
Pages: 3195-3210

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Handle: RePEc:sae:urbstu:v:49:y:2012:i:14:p:3195-3210

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Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal

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  1. Karl E. Case & Robert J. Shiller, 1989. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
  2. James A. Kahn, 2009. "Productivity swings and housing prices," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Jul).
  3. James M. Poterba, 1991. "House Price Dynamics: The Role of Tax Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 143-204.
  4. Englund, Peter & Ioannides, Yannis M., 1997. "House Price Dynamics: An International Empirical Perspective," Journal of Housing Economics, Elsevier, vol. 6(2), pages 119-136, June.
  5. Stephen Malpezzi, 1998. "A Simple Error Correction Model of House Prices," Wisconsin-Madison CULER working papers 98-11, University of Wisconsin Center for Urban Land Economic Research.
  6. Steven C. Bourassa & Martin Hoesli, 2006. "Why Do the Swiss Rent?," Swiss Finance Institute Research Paper Series 07-04, Swiss Finance Institute.
  7. Degen, Kathrin & Fischer, Andreas M, 2009. "Immigration and Swiss House Prices," CEPR Discussion Papers 7583, C.E.P.R. Discussion Papers.
  8. Karol Jan Borowiecki, 2009. "The Determinants of House Prices and Construction: An Empirical Investigation of the Swiss Housing Economy," International Real Estate Review, Asian Real Estate Society, vol. 12(3), pages 193-220.
  9. Michael Ball, 2011. "Planning Delay and the Responsiveness of English Housing Supply," Urban Studies, Urban Studies Journal Limited, vol. 48(2), pages 349-362, February.
  10. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," American Economic Review, American Economic Association, vol. 95(2), pages 329-333, May.
  11. Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 235-258, May.
  12. Eric Levin & Alberto Montagnoli & Robert E. Wright, 2009. "Demographic Change and the Housing Market: Evidence from a Comparison of Scotland and England," Urban Studies, Urban Studies Journal Limited, vol. 46(1), pages 27-43, January.
  13. Elias Oikarinen, 2008. "Interaction between housing prices and household borrowing - the Finnish case," Discussion Papers 29, Aboa Centre for Economics.
  14. James A. Kahn, 2008. "What drives housing prices?," Staff Reports 345, Federal Reserve Bank of New York.
  15. Meen, Geoffrey, 2002. "The Time-Series Behavior of House Prices: A Transatlantic Divide?," Journal of Housing Economics, Elsevier, vol. 11(1), pages 1-23, March.
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