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Housing Cooperatives in Sweden: The Effects of Financial Deregulation

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  • Turner, Bengt

Abstract

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

Suggested Citation

  • Turner, Bengt, 1997. "Housing Cooperatives in Sweden: The Effects of Financial Deregulation," The Journal of Real Estate Finance and Economics, Springer, vol. 15(2), pages 193-217, October.
    • Handle: RePEc:kap:jrefec:v:15:y:1997:i:2:p:193-217
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    Cited by:

    1. Hjalmarsson, Erik & Hjalmarsson, Randi, 2006. "Efficiency In Housing Markets: Do Home Buyers Know How To Discount?," Working Papers in Economics 232, University of Gothenburg, Department of Economics.
    2. Stefano Moroni, 2014. "Towards a general theory of contractual communities: neither necessarily gated, nor a form of privatization," Chapters, in: David Emanuel Andersson & Stefano Moroni (ed.), Cities and Private Planning, chapter 3, pages 38-65, Edward Elgar Publishing.
    3. Engerstam, Sviatlana, 2020. "Macroeconomic determinants of apartment prices in Swedish and German cities," Working Paper Series 20/2, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    4. Hjalmarsson, Erik & Hjalmarsson, Randi, 2009. "Efficiency in housing markets: Which home buyers know how to discount?," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2150-2163, November.
    5. Anders Lund Hansen & Henrik Gutzon Larsen & Adam Grydehoj & Eric Clark, 2015. "Financialisation of the built environment in Stockholm and Copenhagen," Working papers wpaper115, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Sebastian Kohl & Alexander Spielau, 2022. "Centring construction in the political economy of housing: variegated growth regimes after the Keynesian construction state," Cambridge Journal of Economics, Oxford University Press, vol. 46(3), pages 465-490.
    7. Jie Chen, 2013. "Housing tenure, residential mobility and adolescents’ education achievement: evidence from Sweden," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 50(1), pages 275-294, February.

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