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Housing markets during the rural-urban transition : evidence from early 20th century Spain

  • Carmona, Juan
  • Rosés, Joan R.
  • Lampe, Markus

This paper discusses how Spain’s urban housing markets reacted to the farreaching changes that affected the demand for dwellings during the first phase of the rural-urban transition process. To this end, we construct a new hedonic index of real housing prices and assemble a cross-regional panel dataset of price fundamentals. The results of our econometric analysis suggest that urban housing markets did not face supply constraints and responded swiftly to the growing demand for accommodation. In light of this new evidence, we conclude that housing markets were not a burden for Spanish economic development and that Spain’s urban infrastructure and institutional framework and were suitable for the housing needs at the time

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Paper provided by Universidad Carlos III de Madrid. Instituto Figuerola in its series IFCS - Working Papers in Economic History.WH with number wp12-10.

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Date of creation: Oct 2012
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Handle: RePEc:cte:whrepe:wp12-10
Contact details of provider: Web page: http://portal.uc3m.es/portal/page/portal/instituto_figuerola

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  1. Glaeser, Edward L. & Gyourko, Joseph & Saiz, Albert, 2008. "Housing supply and housing bubbles," Journal of Urban Economics, Elsevier, vol. 64(2), pages 198-217, September.
  2. Harter-Dreiman, Michelle, 2004. "Drawing inferences about housing supply elasticity from house price responses to income shocks," Journal of Urban Economics, Elsevier, vol. 55(2), pages 316-337, March.
  3. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  4. Richard A. Easterlin, 2000. "The Worldwide Standard of Living since 1800," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 7-26, Winter.
  5. Silvestre, Javier, 2005. "Internal migrations in Spain, 1877 1930," European Review of Economic History, Cambridge University Press, vol. 9(02), pages 233-265, August.
  6. McQuinn, Kieran & O'Reilly, Gerard, 2006. "Assessing the Role of Income and Interest Rates in Determining House Prices," Research Technical Papers 15/RT/06, Central Bank of Ireland.
  7. Min Hwang & John M. Quigley, 2006. "Economic Fundamentals In Local Housing Markets: Evidence From U.S. Metropolitan Regions," Journal of Regional Science, Wiley Blackwell, vol. 46(3), pages 425-453.
  8. Gouriéroux, Christian & Laferrère, Anne, 2009. "Managing hedonic housing price indexes: The French experience," Journal of Housing Economics, Elsevier, vol. 18(3), pages 206-213, September.
  9. Prados de la Escosura, Leandro & Rosés, Joan R., 2007. "The Sources of Long-run Growth in Spain 1850-2000," CEPR Discussion Papers 6189, C.E.P.R. Discussion Papers.
  10. Denise DiPasquale & William C. Wheaton, 1992. "The Markets for Real Estate Assets and Space: A Conceptual Framework," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 181-198.
  11. Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
  12. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
  13. Trevor Fitzpatrick & Kieran Mcquinn, 2007. "House Prices And Mortgage Credit: Empirical Evidence For Ireland," Manchester School, University of Manchester, vol. 75(1), pages 82-103, 01.
  14. Tirado, Daniel A. & Rosés, Joan R. & Martínez-Galarraga, Julio, 2009. "The upswing of regional income inequality in Spain (1860-1930)," IFCS - Working Papers in Economic History.WH wp09-05, Universidad Carlos III de Madrid. Instituto Figuerola.
  15. Williamson,Jeffrey G., 1990. "Coping with City Growth during the British Industrial Revolution," Cambridge Books, Cambridge University Press, number 9780521364805, june. pag.
  16. Carmona, Juan & Rosés, Joan R., 2009. "Land markets and agrarian backwardness (Spain, 1900-1936)," IFCS - Working Papers in Economic History.WH wp09-02, Universidad Carlos III de Madrid. Instituto Figuerola.
  17. Honohan, Patrick & Klingebiel, Daniela, 2003. "The fiscal cost implications of an accommodating approach to banking crises," Journal of Banking & Finance, Elsevier, vol. 27(8), pages 1539-1560, August.
  18. Tim Leunig & Henry Overman, 2008. "Spatial patterns of development and the British housing market," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 59-78, spring.
  19. D.R. Capozza & C. Mack & P.H. Hendershott & C.J. Mayer, 2002. "The Determinants of House Price Dynamics," ERES eres2002-106, European Real Estate Society (ERES).
  20. Clark, Todd E., 1995. "Rents and prices of housing across areas of the United States. A cross-section examination of the present value model," Regional Science and Urban Economics, Elsevier, vol. 25(2), pages 237-247, April.
  21. Stephen Malpezzi, 1996. "Economic Analysis of Housing Markets in Developing and Transition Economies," Wisconsin-Madison CULER working papers 96-11, University of Wisconsin Center for Urban Land Economic Research.
  22. repec:arz:wpaper:eres2002_106 is not listed on IDEAS
  23. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 1-33, spring.
  24. Dougherty, Ann & Van Order, Robert, 1982. "Inflation, Housing Costs, and the Consumer Price Index," American Economic Review, American Economic Association, vol. 72(1), pages 154-64, March.
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