Asymmetric Behaviour of Spanish Regional House Prices

Beatriz Larraz-Iribas () and Jose-Luis Alfaro-Navarro

International Advances in Economic Research, 2008, vol. 14, issue 4, 407-421

Abstract: In connection with the housing market, which is presently raising a great deal of concern among the general public, this paper investigates regional housing prices in Spain using variable co-integration techniques. It analyzes the asymmetric behavior in real house prices among the Spanish regions focusing on the study of the long-term relationships over time. This paper raises an important question of the national averages masking important regional asymmetries. Results indicate evidence of co-integration, which suggests a broad grouping of regions based on physical proximity or similar economic characteristics. Copyright International Atlantic Economic Society 2008

Keywords: House prices; Unit root; Co integration; Long-run equilibrium; Convergence; C10; E00; O50; R10 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (16)

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DOI: 10.1007/s11294-008-9166-7

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