Dynamics of a Protected Housing Market: The Case of Switzerland
This study posits that there may be a strong relationship between the high degree of protectionism of the Swiss housing market and its stability. The article provides an overview of the Swiss housing policies that, it is argued, are highly conservative in the context of an international comparison. The stability of the Swiss housing economy is empirically tested. Based on the time-period from 1990 to 2009, in which two substantial crises occurred, house prices and construction activity are modelled. The emerging results, which are admittedly based on a very short time-series, are nonetheless consistent with previous theoretical and empirical research. Furthermore, the findings indicate that the Swiss housing economy operates in accordance with fundamentals. Based on a tentative approach that measures the occurrence of the crisis with annual indicator variables, no effects of the crises on the Swiss housing market can be detected.
Volume (Year): 49 (2012)
Issue (Month): 14 (November)
|Contact details of provider:|| Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal|
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.:
- Case, Karl E & Shiller, Robert J, 1989.
"The Efficiency of the Market for Single-Family Homes,"
American Economic Review,
American Economic Association, vol. 79(1), pages 125-137, March.
- Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
- Michael Ball, 2011. "Planning Delay and the Responsiveness of English Housing Supply," Urban Studies, Urban Studies Journal Limited, vol. 48(2), pages 349-362, February.
- Steven Bourassa & Martin Hoesli, 2010.
"Why Do the Swiss Rent?,"
The Journal of Real Estate Finance and Economics,
Springer, vol. 40(3), pages 286-309, April.
- Stephen Malpezzi, 1998.
"A Simple Error Correction Model of House Prices,"
Wisconsin-Madison CULER working papers
98-11, University of Wisconsin Center for Urban Land Economic Research.
- Elias Oikarinen, 2008.
"Interaction between housing prices and household borrowing - the Finnish case,"
29, Aboa Centre for Economics.
- Oikarinen, Elias, 2009. "Interaction between housing prices and household borrowing: The Finnish case," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 747-756, April.
- Eric Levin & Alberto Montagnoli & Robert E. Wright, 2009. "Demographic Change and the Housing Market: Evidence from a Comparison of Scotland and England," Urban Studies, Urban Studies Journal Limited, vol. 46(1), pages 27-43, January.
- N. Gregory Mankiw & David N. Weil, 1988.
"The Baby Boom, The Baby Bust, and the Housing Market,"
NBER Working Papers
2794, National Bureau of Economic Research, Inc.
- Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 235-258, May.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005.
"Why Have Housing Prices Gone Up?,"
American Economic Review,
American Economic Association, vol. 95(2), pages 329-333, May.
- Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," Harvard Institute of Economic Research Working Papers 2061, Harvard - Institute of Economic Research.
- Edward L. Glaeser & Joseph Gyourko & Raven Saks, 2005. "Why Have Housing Prices Gone Up?," NBER Working Papers 11129, National Bureau of Economic Research, Inc.
- James A. Kahn, 2008. "What drives housing prices?," Staff Reports 345, Federal Reserve Bank of New York.
- Englund, P. & Ioannides, Y.M., 1996.
"House Price Dynamics: An International Empirical Perspective,"
1996-01, Uppsala - Working Paper Series.
- Englund, Peter & Ioannides, Yannis M., 1997. "House Price Dynamics: An International Empirical Perspective," Journal of Housing Economics, Elsevier, vol. 6(2), pages 119-136, June.
- Kathrin Degen & Andreas M. Fischer, 2010.
"Immigration and Swiss House Prices,"
2010-16, Swiss National Bank.
- Meen, Geoffrey, 2002. "The Time-Series Behavior of House Prices: A Transatlantic Divide?," Journal of Housing Economics, Elsevier, vol. 11(1), pages 1-23, March.
- James M. Poterba, 1991. "House Price Dynamics: The Role of Tax Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 143-204.
- Karol Jan Borowiecki, 2009. "The Determinants of House Prices and Construction: An Empirical Investigation of the Swiss Housing Economy," International Real Estate Review, Asian Real Estate Society, vol. 12(3), pages 193-220.
- James A. Kahn, 2009. "Productivity swings and housing prices," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 15(Jul).
When requesting a correction, please mention this item's handle: RePEc:sae:urbstu:v:49:y:2012:i:14:p:3195-3210. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SAGE Publishing)
If references are entirely missing, you can add them using this form.