Housing Cooperatives in Sweden: The Effects of Financial Deregulation
The article focuses on transaction prices for recent movers in cooperative dwellings during the period 19980-1993. Prices increased by 80% in real terms up to 1990, then fell by 35% between 1990 and 1993. A hedonic analysis is used to analyze the impact of changing macroeconomics and financial deregulation. which took place in 1985, seems to have caused increased loan-to-value ratios on the cooperative housing market. Using 1983 as a point of reference, a Tobit analysis reveals that the average LTV ratio in 1990 was 20% higher that year. After 1990 the LTV ratio fell by 45% due to credit constraints. Copyright 1997 by Kluwer Academic Publishers
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