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Spanish housing markets during the first phase of the rural-urban transition process

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  • Juan Carmona Pidal

    ()

  • Markus Lampe

    ()

  • Joan R. Roses

    ()

Abstract

This paper discusses how Spain’s housing markets reacted to the far-reaching changes that affected the demand for dwellings during the first phase of the rural-urban transition process. To this end, we construct a new hedonic index of real housing prices and assemble a cross-regional panel dataset of price fundamentals. The results of our econometric analysis suggest that housing markets did not face supply constraints, responded swiftly to the growing demand for accommodation and were efficient. In light of this new evidence, we conclude that housing markets were not a burden for Spanish economic development and that Spain’s institutional and regulatory frameworks were suitable for the housing needs at the time.

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Bibliographic Info

Paper provided by Universidad Carlos III, Departamento de Historia Económica e Instituciones in its series Working Papers in Economic History with number wp11-08.

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Date of creation: Jul 2011
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Handle: RePEc:cte:whrepe:wp11-08

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Keywords: Hedonic prices; Demand and supply of housing; Regulation in housing markets;

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References

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  1. Thomas Conefrey & John Fitz Gerald, 2010. "Managing Housing Bubbles In Regional Economies Under Emu: Ireland And Spain," National Institute Economic Review, National Institute of Economic and Social Research, National Institute of Economic and Social Research, vol. 211(1), pages 91-108, January.
  2. Prados de la Escosura, Leandro & Rosés, Joan R., 2009. "The Sources of Long-Run Growth in Spain, 1850-2000," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 69(04), pages 1063-1091, December.
  3. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Center for Development Economics, Department of Economics, Williams College 2008-09, Department of Economics, Williams College.
  4. Stephen Malpezzi, 1996. "Economic Analysis of Housing Markets in Developing and Transition Economies," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 96-11, University of Wisconsin Center for Urban Land Economic Research.
  5. Martin Weale, 2007. "House price worries," National Institute Economic Review, National Institute of Economic and Social Research, National Institute of Economic and Social Research, vol. 200(1), pages 4-6, April.
  6. Edward L. Glaeser & Joseph Gyourko & Albert Saiz, 2008. "Housing Supply and Housing Bubbles," NBER Working Papers 14193, National Bureau of Economic Research, Inc.
  7. Karl E. Case & Robert J. Shiller, 1990. "Forecasting Prices and Excess Returns in the Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 18(3), pages 253-273.
  8. repec:cbi:wpaper:5/rt/04 is not listed on IDEAS
  9. Holly, Sean & Jones, Natasha, 1997. "House prices since the 1940s: Cointegration, demography and asymmetries," Economic Modelling, Elsevier, Elsevier, vol. 14(4), pages 549-565, October.
  10. Hwang, Min & Quigley, John M., 2006. "Economic Fundamentals in Local Housing Markets: Evidence from U.S. Metropolitan Regions," Berkeley Program on Housing and Urban Policy, Working Paper Series, Berkeley Program on Housing and Urban Policy qt79d325cm, Berkeley Program on Housing and Urban Policy.
  11. Julio Martinez-Galarraga & Joan R. Roses & Daniel A. Tirado Fabregat, 2009. "The Upswing of Regional Income Inequality in Spain (1860-1930)," Working Papers in Economic History, Universidad Carlos III, Departamento de Historia Económica e Instituciones wp09-05, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  12. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, American Economic Association, vol. 79(1), pages 125-37, March.
  13. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 24(1), pages 1-33, spring.
  14. Diewert, Erwin, 2007. "The Paris OECD-IMF Workshop on Real Estate Price Indexes: Conclusions and Future Directions," Economics working papers, Vancouver School of Economics diewert-07-01-03-08-12-12, Vancouver School of Economics, revised 31 Jan 2007.
  15. Juan Carmona Pidal & Joan Roses R., 2009. "Land markets and agrarian backwardness (Spain, 1900-1936)," Working Papers in Economic History, Universidad Carlos III, Departamento de Historia Económica e Instituciones wp09-02, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  16. Tim Leunig & Henry Overman, 2008. "Spatial patterns of development and the British housing market," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 24(1), pages 59-78, spring.
  17. repec:cbi:wpaper:15/rt/06 is not listed on IDEAS
  18. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  19. Trevor Fitzpatrick & Kieran Mcquinn, 2007. "House Prices And Mortgage Credit: Empirical Evidence For Ireland," Manchester School, University of Manchester, University of Manchester, vol. 75(1), pages 82-103, 01.
  20. Dougherty, Ann & Van Order, Robert, 1982. "Inflation, Housing Costs, and the Consumer Price Index," American Economic Review, American Economic Association, American Economic Association, vol. 72(1), pages 154-64, March.
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