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The Housing Markets in Spain and Portugal: Evidence of Persistence

  • Carlos P. Barros

    ()

    (Instituto Superior de Economia e Gest?o; Technical University of Lisbon Portugal and UECE (Research Unit on Complexity and Economics),Portugal)

  • Luis A. Gil-Alana

    ()

    (Faculty of Economics, University of Navarra, Spain)

This paper analyses house prices in Spain and Portugal over the last twenty years. In recent decades, housing prices have increased dramatically in the two countries; However, in 2007 the US subprime mortgage crisis broke out, which had worldwide influences, including Spain and Portugal. The purpose of this research is to study the time series persistence and the potential presence of breaks in these two countries. From this viewpoint, it is interesting to see how housing policy makers design reforms to adjust the real estate market, an issue of real concern for both citizens and institutions.

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File URL: http://www.bapress.ca/ref/v3-4/1923-7529-2013-04-19-14.pdf
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Article provided by Better Advances Press, Canada in its journal Review of Economics & Finance.

Volume (Year): 3 (2013)
Issue (Month): (November)
Pages: 19-32

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Handle: RePEc:bap:journl:130402
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  18. Luis A. Gil-Alana & S.G. Brian Henry, 2003. "Fractional Integration and the Dynamics of UK Unemployment," Faculty Working Papers 10/03, School of Economics and Business Administration, University of Navarra.
  19. Mei-Se Chien, 2010. "Structural Breaks and the Convergence of Regional House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 40(1), pages 77-88, January.
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  21. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing high house prices: bubbles, fundamentals, and misperceptions," Staff Reports 218, Federal Reserve Bank of New York.
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