A preliminary investigation of northern Ireland's housing market dynamics
AbstractIn this paper recent developments in dynamic econometric methodology are used to explore the possibility of asset bubbles in the Northern Ireland housing market. This market is interesting as its house price trajectory is quite unlike any neighbouring market. In recent years it seems to have been influenced both by the general UK market and the Republic of Ireland's housing market. The dynamics of the market are explored through univariate analysis, using sequential unit root tests and fractional integration. The findings provide an indication of the principle developments in the market and could provide the basis for further causal analysis.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 39806.
Date of creation: 03 Jul 2012
Date of revision:
House prices; Northern Ireland; Asset Bubbles; Sequential Unit Root tests; fractional integration; fundamental value;
Find related papers by JEL classification:
- G1 - Financial Economics - - General Financial Markets
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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