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Analysis of the impact of excess mortgages on housing prices using the cointegration test

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  • Luis Ferruz
  • Luis Lample

Abstract

This article attempts to explain and predict housing prices by constructing a model based on the variables that most influence demand: the theoretical purchase effort index without tax deductions as well as a new and innovative indicator that includes the excess of mortgages granted. The Johansen methodology for cointegration analysis reveals the existence of long-run equilibrium and the model’s subsequent ECM, to verify the statistical significance of the variables, confirms the validity of the model concerning this Spanish case study.

Suggested Citation

  • Luis Ferruz & Luis Lample, 2016. "Analysis of the impact of excess mortgages on housing prices using the cointegration test," Applied Economics Letters, Taylor & Francis Journals, vol. 23(16), pages 1182-1186, November.
    • Handle: RePEc:taf:apeclt:v:23:y:2016:i:16:p:1182-1186
    DOI: 10.1080/13504851.2016.1142648
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