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Autor
Shevchuk Viktor (Cracow University of Technology)
Tytuł
Monetary Determinants of House Prices in Central and Eastern European Countries
Czynniki monetarne cen nieruchomości w krajach Europy Środkowej i Wschodniej
Źródło
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 2022, nr 4 (66), s. 132-146, tab., rys., bibliogr. 25 poz.
Research Papers of Wrocław University of Economics
Słowa kluczowe
Ceny nieruchomości, Stopa procentowa, Kurs walutowy
Real estate prices, Interest rate, Exchange rates
Uwagi
Klasyfikacja JEL: E32, E37, E52
streszcz., summ.
Kraj/Region
Europa Środkowo-Wschodnia
Central and Eastern Europe
Abstrakt
Przeprowadzone badanie ma na celu oszacowanie empiryczne czynników monetarnych dla cen nieruchomości w Republice Czeskiej, na Węgrzech, w Polsce i w Rumunii. Wykorzystując kwartalne dane panelowe z lat 2010-2019, stwierdzono, że wzrost stopy procentowej banku centralne-go powoduje spadek cen nieruchomości, przy podobnym oddzialywaniu inflacji konsumenckiej i niedoszacowanego kursu walutowego w ujęciu nominalnym i realnym. Ceny nieruchomości nie zależą od cyklu koniunkturalnego, ale boom na rynku nieruchomości pozytywnie oddziałuje na cykliczne zmiany dochodu, nie mając jednocześnie wpływu na ceny konsumenckie i kurs walutowy.(abstrakt oryginalny)

This research aimed at the empirical estimation of the monetary determinants of house prices in the Czech Republic, Hungary, Poland, and Romania. The application of quarterly panel data for the period 2010-2019 indicates that a central bank policy rate increase was responsible for the fall in house prices, with a similar effect on house prices by a higher consumer inflation and nominal (real) exchange rate undervaluation. There was no reaction of house prices to the business cycle. However, the housing boom had a positive contribution to cyclical changes in output, while not affecting consumer prices and exchange rate.(original abstract)
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Bibliografia
Pokaż
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  8. Czinkan, N., and Horváth, A. (2019). Determinants of housing prices from an urban economic point of view: evidence from Hungary. Journal of European Real Estate Research, 12(1), 2-31. doi. org/10.1108/JERER-10-2017-0041
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  17. Leszczyński, R., and Olszewski, K. (2017). An analysis of the primary and secondary housing market in Poland: Evidence from the 17 largest cities. Baltic Journal of Economics, 17(2), 136-151. doi. org/10.1080/1406099X.2017.1344482
  18. Lin, C-C., and Tsai, I-C. (2021). The special effect of interest rate cuts on housing prices. Journal of Business Economics and Management, 22(3), 776-798. doi.org/10.3846/jbem.2021.14576
  19. Martin, A., Moral-Benito, E., and Schmitz, T. (2021). The financial transmission of housing booms: Evidence from Spain. American Economic Review, 111(3), 1013-1053. doi.org/10.1257/aer. 20191410
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  25. Vizek, M. (2010). Short-run and long-run determinants of house prices in Eastern and Western European Countries. Privredna kretanja i ekonomska politika, 20(125), 27-59.
Cytowane przez
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ISSN
1899-3192
Język
eng
URI / DOI
http://dx.doi.org/10.15611/pn.2022.4.09
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