Regional Analysis of Housing Price Bubbles and Their Determinants in the Czech Republic

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F26138077%3A_____%2F11%3A%230000162" target="_blank" >RIV/26138077:_____/11:#0000162 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/61989100:27510/11:86081061 RIV/00216208:11230/11:10089117

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Regional Analysis of Housing Price Bubbles and Their Determinants in the Czech Republic

Popis výsledku v původním jazyce

In this article we focus on factors affecting property prices in the Czech regions. We apply an empirical analysis to identify periods of property price overvaluation by three alternative approaches: using ratios related to house prices (price-to-incomeand price- -to-rent), using simple analysis of time trends in regional dimension (HP filter) and using panel regression. The analysis identified overvalued property prices in 2002/2003 and partly also in 2007/2008. Compared to simple HP filters in the panel regression the size of the housing price overvaluation in 2007/2008 was relatively low, as the rise in property prices in this period was largely determined by fundamentals. Looking across individual region, there is apparent tendency for higher degree of overvaluation in regions with higher property prices. The only exception from this rule is Prague, which, as a capital city, seems to have many ?specific? features.

Název v anglickém jazyce

Regional Analysis of Housing Price Bubbles and Their Determinants in the Czech Republic

Popis výsledku anglicky

In this article we focus on factors affecting property prices in the Czech regions. We apply an empirical analysis to identify periods of property price overvaluation by three alternative approaches: using ratios related to house prices (price-to-incomeand price- -to-rent), using simple analysis of time trends in regional dimension (HP filter) and using panel regression. The analysis identified overvalued property prices in 2002/2003 and partly also in 2007/2008. Compared to simple HP filters in the panel regression the size of the housing price overvaluation in 2007/2008 was relatively low, as the rise in property prices in this period was largely determined by fundamentals. Looking across individual region, there is apparent tendency for higher degree of overvaluation in regions with higher property prices. The only exception from this rule is Prague, which, as a capital city, seems to have many ?specific? features.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/GAP403%2F11%2F2073" target="_blank" >GAP403/11/2073: Procykličnost finančních trhů, bubliny v cenách aktiv a makroprudenční regulace</a><br>

Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2011

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Finance a úvěr

ISSN

0015-1920

e-ISSN

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Svazek periodika

61

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

25

Strana od-do

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Kód UT WoS článku

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EID výsledku v databázi Scopus

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