Digital library of construction informatics and information technology in civil engineering and construction
Digital library
Paper: eres2015_295
| Paper title: | The Price-Turnover Relationship in European Housing Markets |
| Authors: | Francke, Marc |
| Summary: | This paper examines what determines the relation between prices and turnover in European housing markets. We estimate this relationship using a panel vector error correction model. We focus on the role of path dependency, direct feedback, mortgage market indicators, and several other macro-economic indicators. We find that there is particularly strong direct feedback between prices and turnover. Also the mortgage market indicators, such as the outstanding mortgage loans to GDP, play an important role. Prices, turnover, the outstanding mortgage balance to GDP, and the level of GDP are cointegrated. Those markets with the strongest feedback mechanism between prices and turnover are also those markets which are the most volatile. |
| Type: | paper session |
| Year of publication: | 2015 |
| Keywords: | price-turnover relationship, credit constraints, nominal loss aversion, cointegration |
| Series: | ERES:conference |
| Download paper: | /pdfs/eres2015_295.content.pdf |
| Citation: | Francke, Marc (2015). The Price-Turnover Relationship in European Housing Markets. 22nd Annual European Real Estate Society Conference in Istanbul, Turkey, http://itc.scix.net/paper/eres2015_295 |
hosted by University of Ljubljana
includes:
W78
includes:
W78
inspired by SciX, ported by Robert Klinc [2019]