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Precios de viviendas. una metodología para evaluar desvíos respecto a sus fundamentos

Author

Listed:
  • Fernando Borraz

    (Banco Central del Uruguay)

  • Gerardo Licandro

    (Banco Central del Uruguay)

  • Jorge Ponce

    (Banco Central del Uruguay)

Abstract

This paper contributes to financial stability analysis by proposing a methodology to identify deviations of asset prices over domestic and global fundamentals. We develop a panel data model to estimate the housing price of fundamentals in Uruguay, giving special emphasis to the role of the international fundamentals. This methodology allows us to evaluate deviations of prices from fundamentals. Despite the shortcomings of the series of housing prices in Uruguay we do not find evidence of deviation of housing prices in Uruguay with respect to fundamentals.

Suggested Citation

  • Fernando Borraz & Gerardo Licandro & Jorge Ponce, 2012. "Precios de viviendas. una metodología para evaluar desvíos respecto a sus fundamentos," Documentos de trabajo 2012016, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2012016
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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/16.2012.pdf
    File Function: First version, 2012
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    References listed on IDEAS

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    Cited by:

    1. Jorge Ponce & Magdalena Tubio, 2013. "Precios de inmuebles. Aproximaciones metodológicas y aplicación empírica," Documentos de trabajo 2013005, Banco Central del Uruguay.
    2. Jorge Ponce, 2015. "Fundamentals for the Price of Housing in Uruguay," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(2), pages 175-201, July-Dece.

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    More about this item

    Keywords

    asset prices; capital flows; housing prices;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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