Ändra sökning
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
Is there a bubble in the Swedish housing market?
Högskolan Väst, Institutionen för ekonomi och it, Avd för juridik, ekonomi, statistik och politik.ORCID-id: 0000-0002-5176-9253
2019 (Engelska)Ingår i: Journal of European Real Estate Research, ISSN 1753-9269, E-ISSN 1753-9277Artikel i tidskrift (Refereegranskat) Epub ahead of print
Abstract [en]

Purpose This paper aims to investigate the presence of a housing bubble using Swedish data from 1986Q1-2016Q4 by using various methods. Design/methodology/approachFirst, the authors use affordability indicators and asset-pricing approaches, including the price-to-income ratio, price-to-rent ratio and user cost, supplemented by a qualitative discussion of other factors affecting house prices. Second, the authors use cointegration techniques to compute the fundamental (or long-run) price, which is then compared with the actual price to test the degree of Sweden'€™s housing price bubble during the studied period. Third, they apply the univariate right-tailed unit root test procedure to capture bursting bubbles and to date-stamp bubbles. Findings The authors find evidence for rational housing bubbles with explosive behavioral components beginning in 2004. These bubbles do not continuously diverge but instead periodically revert to their fundamental value. However, the deviation is persistent, and without any policy correction, it takes decades for real house prices to return to equilibrium.Originality/value The policy implication is that monetary policy designed to contain mortgage demand and thereby prevent burst episodes in the housing market must address external imbalances, as revealed in real exchange rate undervaluation. It is unlikely that current policies will stop the rise of house prices, as the growth of mortgage credit, improvement in Sweden’s international competitiveness and the path of interest rates are much more important factors.

Ort, förlag, år, upplaga, sidor
Emerald Group Publishing Limited, 2019.
Nyckelord [en]
VECM, Rational, Bubbles, Cointegration, Explosive, Fundamenta
Nationell ämneskategori
Nationalekonomi
Forskningsämne
SAMHÄLLSVETENSKAP, Nationalekonomi
Identifikatorer
URN: urn:nbn:se:hv:diva-13426DOI: 10.1108/JERER-03-2018-0013Scopus ID: 2-s2.0-85059539145OAI: oai:DiVA.org:hv-13426DiVA, id: diva2:1293794
Tillgänglig från: 2019-03-05 Skapad: 2019-03-05 Senast uppdaterad: 2019-04-04Bibliografiskt granskad

Open Access i DiVA

Fulltext saknas i DiVA

Övriga länkar

Förlagets fulltextScopus

Personposter BETA

Asal, Maher

Sök vidare i DiVA

Av författaren/redaktören
Asal, Maher
Av organisationen
Avd för juridik, ekonomi, statistik och politik
I samma tidskrift
Journal of European Real Estate Research
Nationalekonomi

Sök vidare utanför DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetricpoäng

doi
urn-nbn
Totalt: 138 träffar
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf