摘要 :
We test for efficiency in the Swedish co-op market by examining the negative relationship between the sales price and the present value of future monthly payments or 'rents'. If the co-op housing market is efficient, the present v...
展开
We test for efficiency in the Swedish co-op market by examining the negative relationship between the sales price and the present value of future monthly payments or 'rents'. If the co-op housing market is efficient, the present value of co-op rental payments due to underlying debt obligations of the cooperative should be fully reflected in the sales price. However, a one hundred kronor increase in the present value of future rents only leads to an approximately 75 kronor reduction in the sales price. These inefficiencies are larger at the lower end of the housing market and in poorer, less educated regions and appear to reflect both liquidity constraints and the existence of more 'sophisticated' buyers in higher educated areas. Overall, our findings suggest that there is some systematic failure to properly discount the future stream of rent payments relative to the up front sales price.
收起
摘要 :
This article examines the influence of national and local forces on housing prices in 20 local US real estate markets during the recent housing price run-up and decline. We use reduced-form panel data fixed-effects models with rob...
展开
This article examines the influence of national and local forces on housing prices in 20 local US real estate markets during the recent housing price run-up and decline. We use reduced-form panel data fixed-effects models with robust SEs to determine the impact of national and local effects on housing prices in 20 US cities across time. A national home price index and mortgage rate are used to measure national impacts on the local markets. A mix of socio-economic variables estimates local impacts. We find no results indicating that national trends lack relevance in local markets; however, we find wide support for the additional inclusion of local socio-economic factors in all markets. The findings are consistent with an environment in which national polices and trends influence all markets; however local policymakers and investors can continue to expect geographic differences in market outcomes.
收起
摘要 :
This study investigates the housing market in Taiwan, an emerging market with relatively severe housing price inflation. Using data from the first quarter of 1991 to the second quarter of 2017 for four cities in Taiwan, this study...
展开
This study investigates the housing market in Taiwan, an emerging market with relatively severe housing price inflation. Using data from the first quarter of 1991 to the second quarter of 2017 for four cities in Taiwan, this study compares the risk transmission and sources of their housing prices. The results reveal that Taipei-Taiwan's main financial hub-has the highest house prices among the four cities but maintains the lowest risk. Thus, in terms of price volatility risk, Taipei has the safest housing market among the studied cities. Other studies have discussed the potential housing price bubbles in regions with high housing prices but have been unable to explain the continual overheating of the housing markets. The findings of this study reveal that despite having the highest housing prices and the greatest potential bubble, the Taipei housing market has the lowest fluctuation risk, snaking it the safest market in terms of housing investment. The results of this study imply that Taiwan's economic development is excessively concentrated in Taipei, causing people to bear low returns and high risk when purchasing real estate in other areas, in turn increasing the continual imbalance between regional housing markets.
收起
摘要 :
The insights of behavioural economics are questioned and an approach suggested that is based on empirical studies of how people actually behave in housing markets.
摘要 :
This paper explores the dynamic interrelationship between demographic change and housing systems and the implications for assessing future housing need, including a review of the literature on demography and housing and a case stu...
展开
This paper explores the dynamic interrelationship between demographic change and housing systems and the implications for assessing future housing need, including a review of the literature on demography and housing and a case study of Northern Ireland. The main research method is historical analysis of census and other data relating to changing population structures and the housing system in Northern Ireland between 1981 and 2011. These changes are compared to developments in Great Britain and the Republic of Ireland over the same period. The paper identifies a long period of broadly consistent relations between demographic and housing system trends between 1981 and 2001, followed by significant changes in demographic trends and a turbulent housing system undergoing rapid change between 2001 and 2011. Our conclusions include consideration of the implications of this study for future analyses of the relationships between demographic change and housing systems.
收起
摘要 :
This study investigates whether single currency use increased house price convergence among various countries. First, the panel unit root test results indicate that the house prices in euro zone countries were more correlated than...
展开
This study investigates whether single currency use increased house price convergence among various countries. First, the panel unit root test results indicate that the house prices in euro zone countries were more correlated than the house prices in non-euro zone countries. Second, the house prices in various European countries converged towards the house prices in Germany, which uses the single currency, rather than towards those in the United Kingdom, indicating that single currency use increased the influence of the German housing market on other markets. Finally, the log t regression model, a new convergence test, was employed and determined that the house prices in various European countries were not converging before 1992 but began to do so after that year. After the euro was implemented as an official currency, the house prices in various countries converged towards a consistent level. On the basis of the relative transition paths, this study determines that the differences among housing markets in various countries have continuously decreased since 1992. The empirical results indicate that the law of one price is applicable to tradable goods and that single currency use can integrate housing markets, which include non -tradable goods.
收起
摘要 :
Housing prices have been soaring in China since the past decade. Rising housing prices indicate good opportunities in the labor and housing markets, which can discourage the entrepreneurial investment decisions of would-be entrepr...
展开
Housing prices have been soaring in China since the past decade. Rising housing prices indicate good opportunities in the labor and housing markets, which can discourage the entrepreneurial investment decisions of would-be entrepreneurs. However, high appreciation in housing prices can also relax credit constraints in setting up nascent businesses and thereby encourage entrepreneurship. This study investigates whether rising housing prices have a pulling or pushing effect on entrepreneurial activities. We find that housing price has a diminishingly negative effect on entrepreneurial activities using data from China's Urban Household Survey and China Statistical Yearbook for Regional Economy for the period 2002-2009. The mechanisms underlying why housing price affects entrepreneurship-labor market opportunities, relaxation of credit constraints, and housing market opportunities-are also investigated. Overall, this study offers new insights into entrepreneurial activities and highlights the negative externalities of overheated housing market to entrepreneurship in developing countries.
收起
摘要 :
The question of whether or not the housing market is efficient is posed by an increasing number of economists, policymakers, homebuyers, and homesellers. This article tests the efficiency hypothesis on data from the housing market...
展开
The question of whether or not the housing market is efficient is posed by an increasing number of economists, policymakers, homebuyers, and homesellers. This article tests the efficiency hypothesis on data from the housing market in Oslo over the period 1991-2002, employing the Case-Shiller time-structure test on a repeat-sales house price index and returns to housing. We demonstrate that both the repeat-sales house price index and returns contain time structure and that the housing market is characterized by inefficiencies. We also find, surprisingly, that the housing market consistently yields higher appreciation at lower volatility than the stock market over the period.
收起
摘要 :
This paper addresses the coordination problems in the liberalized housing market in the Netherlands during the 1990-2004 period. In particular, the mismatch between the explosion in house prices and the stagnation in house-buildin...
展开
This paper addresses the coordination problems in the liberalized housing market in the Netherlands during the 1990-2004 period. In particular, the mismatch between the explosion in house prices and the stagnation in house-building activities during the past six years is under investigation. It is argued that there is still a marked discrepancy between the language used in the policy discourse and the supply and demand situation on the Dutch housing market. One could argue that the Dutch government implemented a double-hearted, incomplete privatization. As a result of the mismatch between actual housing policy and market developments, output is stagnating and the housing shortage is growing sharply. The closing section presents some possible means to overcome these problems.
收起
摘要 :
Purpose - The purpose of this paper is to validate and quantify the effect of key macroeconomic drivers on London house prices using annual data over the period 1983-2016. Design/methodology/approach - Within this context, the aut...
展开
Purpose - The purpose of this paper is to validate and quantify the effect of key macroeconomic drivers on London house prices using annual data over the period 1983-2016. Design/methodology/approach - Within this context, the authors estimate alternative error-correction and partial-adjustment models (PAMs), which have been widely used in the empirical literature in modelling the slow adjustments of house prices to demand and supply shocks. Findings - The results verify the existence of a strong long-term relationship between London house prices and key macroeconomic variables, such as UK GDP, London population and housing completions. A key finding of the study relevant to the debate on the causes of the housing affordability crisis is that the results provide little evidence in support of the argument that user demand, which is captured in the author's model by Greater London population, may have had a diminished role in driving house price inflation in London. Practical implications - The practical and policy implications of the results are that increased homebuilding activity in London will undoubtedly help limit house price increases. Also, any potential reduction of immigration and economic growth due to Brexit will also have a similar effect. Originality/value - The originality of this research lies in the use of annual data that may better capture the long-term effect of macroeconomic drivers on house prices and the estimation of such effects through both error-correction and partial-adjustment models.
收起
原文获取