Regional Spillovers in the Hungarian Housing Market: Evidence from a Spatio-Temporal Model

Gábor Márk Pellényi

No 95, European Economy - Discussion Papers from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: This paper analyses housing market spillovers between Hungarian regions in a small, spatio-temporal model, which features both the house price and housing supply as endogenous variables. The paper estimates both the long-run relationship between housing variables and economic fundamentals, and the short-run adjustment path of the housing market towards the long-run equilibrium. Long-run elasticities are in line with previous studies. The size of spillovers between Hungarian regions is economically meaningful; therefore, region-specific developments such as the recent run-up of Budapest house prices can have significant aggregate effects.

JEL-codes: E32 R12 R21 R31 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2019-04
New Economics Papers: this item is included in nep-mac, nep-tra and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:euf:dispap:095

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