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DC Field | Value | Language |
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dc.contributor.author | Merikas, Andreas G. | - |
dc.contributor.author | Merika, Anna | - |
dc.contributor.author | Laopodis, Nikiforos | - |
dc.contributor.author | Triantafyllou, Anna | - |
dc.date.accessioned | 2018-06-14T14:24:54Z | - |
dc.date.available | 2018-06-14T14:24:54Z | - |
dc.date.issued | 2012 | - |
dc.identifier.citation | Merikas, A., Merika, A., Laopodis, N., & Triantafyllou, A. (2012). House price comovements in the Eurozone economies. European Research Studies Journal, 15(1), 71-98. | en_GB |
dc.identifier.uri | https://www.um.edu.mt/library/oar//handle/123456789/31003 | - |
dc.description.abstract | The house price boom in major industrialized countries since the early 1990s has been unprecedented. Co-movement is a key feature of it and it has been attributed by scholars to synchronization of monetary policy, financial liberalization, integration of international financial markets, as well as global business cycle linkages. In this paper we focus on seven European countries, all members of the EMU, and ask the question if, the apparent co movement of the housing prices in the seven major euro zone economies implies convergence of their housing markets. Using monthly data from DSI Statistical Bases for 1990(1)-2009(4), we concentrate on the impact of the adoption of the common currency on real house prices movements. We conduct the analysis using country-specific macroeconomic variables and then extend it by adding foreign-specific macro variables to each country’s model. The empirical analysis includes cointegration analysis and VAR specifications. Our findings suggest that the movement of the housing prices of the euro zone countries apart from the well known fundamentals of GDP, interest rates and stock returns is also based on a number of idiosyncratic and structural factors like demographics, the tax system and government intervention which determine the duration and the strength of the housing cycles in each country. Furthermore, it seems that the degree of convergence underlying housing prices co movement is limited given the diversities in living standards, regulation of property markets, government intervention and attitudes to residential housing. | en_GB |
dc.language.iso | en | en_GB |
dc.publisher | University of Piraeus. International Strategic Management Association | en_GB |
dc.rights | info:eu-repo/semantics/openAccess | en_GB |
dc.subject | Housing -- Prices -- European Union countries | en_GB |
dc.subject | Housing -- Prices -- Economic aspects | en_GB |
dc.subject | Eurozone -- Economic conditions | en_GB |
dc.subject | Real property -- European Union countries | en_GB |
dc.title | House price comovements in the Eurozone economies | en_GB |
dc.type | article | en_GB |
dc.rights.holder | The copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder. | en_GB |
dc.description.reviewed | peer-reviewed | en_GB |
dc.publication.title | European Research Studies Journal | en_GB |
Appears in Collections: | European Research Studies Journal, Volume 15, Issue 1 |
Files in This Item:
File | Description | Size | Format | |
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ERSJ,_15(1)_-_A5.pdf | 684.12 kB | Adobe PDF | View/Open |
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