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The Determinants of Urban House Price Fluctuations in Sweden 1967-94

Listed author(s):
  • Hort, Katinka

    (Ministry of Finance)

Registered author(s):

    This paper asks if the dramatic fluctuations in Swedish single family house prices experienced over the last decade have only been driven by fundamental demand and supply factors or if they result also from speculative behaviour in the housing market. A restricted error-correction model of real house prices is estimated on a Swedish panel data set using a fully modified estimator of the cointegrating relation. The results suggest that the boom and bust experienced around 1990 was primarily driven by fundamentals. The short term equation explains about 70 percent of the total variation in real house price changes. The estimate of the error-correction parameter suggests that adjustment following a shock to the market is quite rapid as compared with other countries such as the U.S, the U.K and Norway.

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    Paper provided by Uppsala University, Department of Economics in its series Working Paper Series with number 1997:4.

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    Length: 52 pages
    Date of creation: 15 Jan 1997
    Publication status: Published in Journal of Housing Economics , 1998, pages 93-120.
    Handle: RePEc:hhs:uunewp:1997_004
    Contact details of provider: Postal:
    Department of Economics, Uppsala University, P. O. Box 513, SE-751 20 Uppsala, Sweden

    Phone: + 46 18 471 25 00
    Fax: + 46 18 471 14 78
    Web page:

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