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Determinants of House Prices in Central and Eastern Europe Author info | Abstract | Publisher info | Download info | Related research | Statistics Balazs Egert ()
Dubravko Mihaljek
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This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects.
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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number
wp894.
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Date of creation: 01 Oct 2007Date of revision:
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Keywords: house prices ; housing market ; transition economies ; central and eastern Europe ; OECD countries ; Other versions of this item:
Paper Balazs Egert & Dubravko Mihaljek, 2008.
"Determinants of House Prices in Central and Eastern Europe ,"
Working Papers
2008/1, Czech National Bank, Research Department.
[Downloadable!] Balázs Egert & Dubravko Mihaljek, 2007.
"Determinants of House Prices in Central and Eastern Europe ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!] Balázs Égert & Dubravko Mihaljek, 2007.
"Determinants of house prices in central and eastern Europe ,"
BIS Working Papers
236, Bank for International Settlements.
[Downloadable!] Find related papers by JEL classification: E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data) E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other P25 - Economic Systems - - Socialist Systems and Transition Economies - - - Urban, Rural, and Regional Economics R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Attanasio, Orazio P & Weber, Guglielmo, 1994.
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Macroeconomics
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Other versions: Maeso-Fernandez, Francisco & Osbat, Chiara & Schnatz, Bernd, 2005.
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Economic Systems ,
Elsevier, vol. 29(2), pages 130-143, June.
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Jose Palacin & Robert Shelburne, 2005.
"The Private Housing Market in Eastern Europe and the CIS ,"
ECE Discussion Papers Series
2005_5, UNECE.
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Balázs Égert & Peter Backé & Tina Zumer, 2007.
"Private-Sector Credit in Central and Eastern Europe: New (Over)Shooting Stars? ,"
Comparative Economic Studies ,
Palgrave Macmillan Journals, vol. 49(2), pages 201-231, June.
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1999_04, University of Liverpool Management School.
Other versions: Nathalie Girouard & Mike Kennedy & Paul van den Noord & Christophe André, 2006.
"Recent House Price Developments: The Role of Fundamentals ,"
OECD Economics Department Working Papers
475, OECD, Economics Department.
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Ortalo-Magne, Francois & Rady, Sven, 1999.
"Boom in, bust out: Young households and the housing price cycle ,"
European Economic Review ,
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Other versions: Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003.
"Testing for unit roots in heterogeneous panels ,"
Journal of Econometrics ,
Elsevier, vol. 115(1), pages 53-74, July.
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Other versions: Chihwa Kao & Min-Hsien Chiang, 1999.
"On the Estimation and Inference of a Cointegrated Regression in Panel Data ,"
Center for Policy Research Working Papers
2, Center for Policy Research, Maxwell School, Syracuse University.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Balázs Égert, 2007.
"Real Convergence, Price Level Convergence and Inflation Differentials in Europe ,"
Working Papers
138, Oesterreichische Nationalbank (Austrian Central Bank).
[Downloadable!]
Other versions: Angana Banerji & Haiyan Shi & Paul Louis Ceriel Hilbers & Alexander W. Hoffmaister, 2008.
"House Price Developments in Europe: A Comparison ,"
IMF Working Papers
08/211, International Monetary Fund.
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Ansgar Belke & Walter Orth, 2007.
"Global Excess Liquidity and House Prices - A VAR Analysis for OECD Countries ,"
Ruhr Economic Papers
0037, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
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Zsolt Darvas & Gyorgy Szapary, 2008.
"Euro Area Enlargement and Euro Adoption Strategies ,"
IEHAS Discussion Papers
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Borek Vasicek, 2009.
"The monetary policy rules and the inflation process in open emerging economies: evidence for 12 new EU members ,"
Working Papers
wpdea0903, Department of Applied Economics at Universitat Autonoma of Barcelona.
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Konstantin A. Kholodilin & Jan-Oliver Menz & Boriss Siliverstovs, 2007.
"What Drives Housing Prices Down?: Evidence from an International Panel ,"
Discussion Papers of DIW Berlin
758, DIW Berlin, German Institute for Economic Research.
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