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dc.contributor.authorGil Serrate, Ramiroes_ES
dc.date.accessioned2019-09-03T00:14:30Z
dc.date.available2019-09-03T00:14:30Z
dc.date.issued2014es_ES
dc.identifier.otherhttp://dx.doi.org/10.7835/ccwp-2014-05-0007es_ES
dc.identifier.urihttp://repositorio.pucp.edu.pe/index/handle/123456789/166765
dc.description.abstractIn this paper we follow the specific literature in order to obtain a theoretical framework for the analysis of the dynamics of house prices. From this framework results a long run relationship between the house price variable and its fundamentals. This relationship is estimated using a static and a dynamic panel for the 50 Spanish provinces and the period 1995-2008. Previous to the estimation a detailed panel unit root analysis is done. The results obtained from the estimation are according to the theory and present clear evidence of serial correlation in house prices and of income elasticity of 0.3. However, the results also suggest the existence of additional information that has not been considered in the empirical analysis. This is the existence of a spatial pattern in the data for which we provide clear evidence. Consequently, cross section dependence has to be explicitly taken into account in subsequent analysis of Spanish house prices.es_ES
dc.language.isoenges_ES
dc.publisherCENTRUM Publishinges_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.rightsAtribución-NoComercial-SinDerivadas 2.5 Perúes_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/2.5/pe/es_ES
dc.sourcePontificia Universidad Católica del Perúes_ES
dc.sourceRepositorio Institucional - PUCPes_ES
dc.subjectPanel cointegration, housing prices, adjustment dynamics, Spanish housing marketes_ES
dc.titlePrice dynamics in the Spanish housing market between 1995 and 2008. Evidence from a panel of provinceses_ES
dc.typeinfo:eu-repo/semantics/workingPaperes_ES
dc.type.otherArtículo preliminar


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