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Is Job Insecurity a Driver of the Housing Cycle? Some Evidence in the Spanish Case

Listed author(s):
  • Philip Arestis

    ()

    (University of Cambridge, UK)

  • Ana Rosa González-Martínez

    ()

    (Cambridge Econometrics, UK)

The aim of this paper is to study a possible connection between the characteristics of the labour market, namely, employment protection and flexibility, and the dynamics of the housing market. More specifically, this contribu- tion analyses whether the poor quality of employment in a given economy could cause the collapse of the housing market and impairs its recovery. In the second stage of our analysis, we provide estimates for Spain over the period 1984-2014. In doing so, the autoregressive distributed lag (ARDL) bounds test for cointegration is employed.\

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File URL: http://www.panoeconomicus.rs/casopis/2015_1/01%20Philip%20Arestis%20and%20Ana%20Rosa%20Gonzalez-Martinez.pdf
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Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 62 (2015)
Issue (Month): 1 (March)
Pages: 1-14

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Handle: RePEc:voj:journl:v:62:y:2015:i:1:p:1-14
Contact details of provider: Web page: http://www.panoeconomicus.rs/

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  1. Jaison R. Abel & Richard Deitz, 2010. "Bypassing the bust: the stability of upstate New York's housing markets during the recession," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Mar).
  2. Olga Alonso-Villar & Coral del Río, 2005. "The geographical concentration of unemployment: A male-female comparison in Spain," Working Papers 08, ECINEQ, Society for the Study of Economic Inequality.
  3. Gattini, Luca & Ganoulis, Ioannis, 2012. "House price responsiveness of housing investments across major European economies," Working Paper Series 1461, European Central Bank.
  4. Fella, Giulio, 2005. "Termination restrictions and investment in general training," European Economic Review, Elsevier, vol. 49(6), pages 1479-1499, August.
  5. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  6. Jani-Petri Laamanen, 2013. "Home-ownership and the Labour Market: Evidence from Rental Housing Market Deregulation," Working Papers 1389, University of Tampere, School of Management, Economics.
  7. Junsoo Lee & Mark C. Strazicich, 2003. "Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 1082-1089, November.
  8. Becker, Sascha O. & Bentolila, Samuel & Fernandes, Ana & Ichino, Andrea, 2005. "Youth Emancipation and Perceived Job Insecurity of Parents and Children," IZA Discussion Papers 1836, Institute for the Study of Labor (IZA).
  9. Belot, M.V.K. & Boone, J. & van Ours, J.C., 2007. "Welfare improving employment protection," Other publications TiSEM eee2f823-1384-4a2f-a4eb-7, Tilburg University, School of Economics and Management.
  10. James M. Poterba, 1984. "Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 729-752.
  11. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
  12. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
  13. Francisco Carballo-Cruz, 2011. "Causes and Consequences of the Spanish Economic Crisis: Why the Recovery is Taken so Long?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(3), pages 309-328, September.
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