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Impact of the economic crisis on house prices in the Czech Republic measured on hedonic price index on bank data

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013

Author

Listed:
  • Martin Lux
  • Petr Sunega

Abstract

In the first section, this paper describes the methods employed to calculate the first ever hedonic price index created in the Czech Republic using data from the country’s biggest mortgage lenders. This section also presents the wider context of the creation of this index and its practical application. In the second section, hedonic price index data are used to demonstrate the impact of the global economic crisis on housing prices in the Czech Republic. The impact of the economic crisis on housing and mortgage markets is then analysed using methods from both neoclassic and institutional economics. The findings show that institutional factors relating to the housing system may have an important influence on the scope and character of the impact of the economic crisis on housing and mortgage markets in the Czech Republic.

Suggested Citation

  • Martin Lux & Petr Sunega, 2013. "Impact of the economic crisis on house prices in the Czech Republic measured on hedonic price index on bank data," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, chapter 17, pages 173-201, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:17
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    More about this item

    Keywords

    hedonic price index – Czech Republic – house prices – global financial crisis;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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