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Housing Markets during the Rural-Urban Transition: Evidence from early 20th Century Spain

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Author Info

  • Juan Carmona Pidal

    ()
    (Universidad Carlos III de Madrid)

  • Markus Lampe

    ()
    (Universidad Carlos III de Madrid)

  • Joan Ramón Rosés

    ()
    (Universidad Carlos III de Madrid)

Abstract

This paper discusses how Spain’s urban housing markets reacted to the far-reaching changes that affected the demand for dwellings during the first phase of the ruralurban 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 urban housing markets did not face supply constraints and responded swiftly to the growing demand for accommodation. In light of this new evidence, we conclude that housing markets were not a burden for Spanish economic development and that Spain’s urban infrastructure and institutional framework and were suitable for the housing needs at the time.

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Bibliographic Info

Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0030.

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Length: 33 pages
Date of creation: Nov 2012
Date of revision:
Handle: RePEc:hes:wpaper:0030

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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. 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.
  2. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
  3. Rosés, Joan Ramón & Martínez-Galarraga, Julio & Tirado, Daniel A., 2010. "The upswing of regional income inequality in Spain (1860-1930)," Explorations in Economic History, Elsevier, Elsevier, vol. 47(2), pages 244-257, April.
  4. Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
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  7. 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.
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  9. Glaeser, Edward & Saiz, Albert & Gyourko, Joseph, 2008. "Housing Supply and Housing Bubbles," Scholarly Articles 2962640, Harvard University Department of Economics.
  10. repec:cbi:wpaper:5/rt/04 is not listed on IDEAS
  11. Juan Carmona Pidal & Joan Roses R., 2009. "Land markets and agrarian backwardness (Spain, 1900-1936)," Working Papers in Economic History wp09-02, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  12. repec:cbi:wpaper:15/rt/06 is not listed on IDEAS
  13. de la Escosura, Leandro Prados & Rosés, Joan R., 2007. "The Sources of Long-run Growth in Spain 1850-2000," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6189, C.E.P.R. Discussion Papers.
  14. 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.
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  16. Capozza, Dennis R. & Mack, Charlotte & Hendershott, Patric H. & Mayer, Christopher J., 2002. "The Determinants of House Price Dynamics," ERES, European Real Estate Society (ERES) eres2002_106, European Real Estate Society (ERES).
  17. Clark, Todd E., 1995. "Rents and prices of housing across areas of the United States. A cross-section examination of the present value model," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 25(2), pages 237-247, April.
  18. Denise DiPasquale & William C. Wheaton, 1992. "The Markets for Real Estate Assets and Space: A Conceptual Framework," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 20(2), pages 181-198.
  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. S Nchez-Alonso, Blanca, 2000. "Those Who Left and Those Who Stayed Behind: Explaining Emigration from the Regions of Spain, 1880 1914," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 60(03), pages 730-755, September.
  21. Richard A. Easterlin, 2000. "The Worldwide Standard of Living since 1800," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(1), pages 7-26, Winter.
  22. Min Hwang & John M. Quigley, 2006. "Economic Fundamentals In Local Housing Markets: Evidence From U.S. Metropolitan Regions," Journal of Regional Science, Wiley Blackwell, Wiley Blackwell, vol. 46(3), pages 425-453.
  23. Honohan, Patrick & Klingebiel, Daniela, 2003. "The fiscal cost implications of an accommodating approach to banking crises," Journal of Banking & Finance, Elsevier, Elsevier, vol. 27(8), pages 1539-1560, August.
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