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Housing prices and macroeconomic factors in Greece: prospects within the EMU

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Author Info
N. Apergis
A. Rezitis

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Abstract

This study analyses the dynamic effects of specific macroeconomic variables, i.e. housing loan rates, inflation, employment, and money supply, on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used in modelling the impact of the above macroeconomic variables on housing price. The results obtained through impulse response functions suggest that housing prices respond to all macroeconomic variables under consideration. Variance decompositions show that the housing loan rate is the variable with the highest explanatory power over the variation of housing price, followed by inflation and employment, while money supply does not seem to show any substantial impact.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

Volume (Year): 10 (2003)
Issue (Month): 12 (October)
Pages: 799-804
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Handle: RePEc:taf:apeclt:v:10:y:2003:i:12:p:799-804

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1998. "Asymmetries in Housing and Financial Market Institutions and EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 54-80, Autumn.
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  2. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June. [Downloadable!] (restricted)
  3. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  4. Muellbauer, John, 1992. "Anglo-German differences in housing market dynamics : The role of institutions and macro economic policy," European Economic Review, Elsevier, vol. 36(2-3), pages 539-548, April. [Downloadable!] (restricted)
  5. Muellbauer, J & Murphy, A, 1996. "Booms and Busts in the UK Housing Market," Economics Papers 125, Economics Group, Nuffield College, University of Oxford.
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  6. Manchester, Joyce, 1987. "Inflation and housing demand: A new perspective," Journal of Urban Economics, Elsevier, vol. 21(1), pages 105-125, January. [Downloadable!] (restricted)
  7. Harris, Jack C, 1989. "The Effect of Real Rates of Interest on Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 2(1), pages 47-60, February.
  8. Schwab, Robert M., 1983. "Real and nominal interest rates and the demand for housing," Journal of Urban Economics, Elsevier, vol. 13(2), pages 181-195, March. [Downloadable!] (restricted)
  9. Baffoe-Bonnie, John, 1998. "The Dynamic Impact of Macroeconomic Aggregates on Housing Prices and Stock of Houses: A National and Regional Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 17(2), pages 179-97, September. [Downloadable!] (restricted)
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  1. Kuan-Min, Wang & Yuan-Ming, Lee & T.T.Binh, Nguyen, 2008. "Asymmetric Inflation Hedge of Housing Return: A Non-linear Vector Error Correction Approach," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 65-82. [Downloadable!]
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