English, Article, Journal or magazine article edition: Analysis of house prices in Spain Jorge Martínez Pagés; Luis Ángel Maza

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Bookmark: http://trove.nla.gov.au/version/158041
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Analysis of house prices in Spain
Author
  • Jorge Martínez Pagés
  • Luis Ángel Maza
Physical Description
  • preprint
Notes
  • House prices in Spain have shown one of the biggest cumulative growth rates among the OECD countries over the past five years and, indeed, over a more extensive period. This paper focuses on analysing this development and its possible determinants. The evidence provided suggests income and nominal interest rates are pivotal explanatory factors, although equity returns may also have been influential in the final years of the sample. According to the estimated models, house prices are currently above their long-term equilibrium level by an amount not unlike other times in the past. Therefore, something of a correction –of an intensity difficult to estimate but not necessarily sharper than in past episodes– may be expected in the future.
  • RePEc:bde:wpaper:0307
Language
  • English
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