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Is Job Insecurity a Driver of the Housing Cycle? Some Evidence in the Spanish Case

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  • Philip Arestis
  • Ana Rosa González-Martínez

Abstract

The aim of this paper is to study a possible connection between the characteristics of the labour market, namely, employment protection and flexibility, and the dynamics of the housing market. More specifically, this contribution analyses whether the poor quality of employment in a given economy could cause the collapse of the housing market and impairs its recovery. In the second stage of our analysis, we provide estimates for Spain over the period 1984-2014. In doing so, the autoregressive distributed lag (ARDL) bounds test for cointegration is employed. Key words: Labour market, Housing cycle, Residential investment, Cointegration techniques, Spain.JEL: C22, R31.

Suggested Citation

  • Philip Arestis & Ana Rosa González-Martínez, 2015. "Is Job Insecurity a Driver of the Housing Cycle? Some Evidence in the Spanish Case," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(1), pages 1-14.
    • Handle: RePEc:voj:journl:v:62:y:2015:i:1:p:1-14:id:39
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    More about this item

    Keywords

    Labour market; Housing cycle; Residential investment; Cointegration techniques; Spain;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • 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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