The Spanish housing market: is it fundamentally broken?
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comunitat-uji-handle2:10234/8643
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INVESTIGACIONMetadata
Title
The Spanish housing market: is it fundamentally broken?Date
2019Publisher
Taylor & FrancisISSN
350-4851; 1466-4291Bibliographic citation
CUESTAS, Juan Carlos; KUKK, Merike. The Spanish housing market: is it fundamentally broken? Applied Economics Letters, 2019.Type
info:eu-repo/semantics/articlePublisher version
https://www.tandfonline.com/doi/full/10.1080/13504851.2019.1677844Version
info:eu-repo/semantics/submittedVersionSubject
Abstract
This paper aims to investigate the relationship between housing prices and their main fundamental determinants using the example of Spain and considering the possibility of structural breaks in the relationship. We ... [+]
This paper aims to investigate the relationship between housing prices and their main fundamental determinants using the example of Spain and considering the possibility of structural breaks in the relationship. We find that the cointegrating coefficient estimates are quite unstable over 2001Q1-2017Q4 and need to be estimated for different subperiods. Specifically we find that the main long-run fundamentals explain the behaviour of equilibrium house prices well during the boom-bust period. However, only corporate profit, or capital income, seems to explain the evolution after the recovery from the recession. [-]
Description
This is an original manuscript / preprint of an article published by Taylor & Francis in Applied Economics Letters on 14 Oct 2019, available online: https://www.tandfonline.com/doi/full/10.1080/13504851.2019.1677844
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Applied Economics Letters, 2019Rights
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