A Panel Analysis of Polish Regional Cities Residential Price Convergence in the Primary Market

George Matysiak and Krzysztof Olszewski ()

MPRA Paper from University Library of Munich, Germany

Abstract: We employ two methodologies in order to identify groupings of cities and to analyse the factors which drive convergence in residential prices across Polish prime markets over the period 2007-2018. The Phillips and Sul (2007) methodology is used to identify convergence in primary residential prices in the major Polish cities. The results indicate that residential prices do not converge to a single common trend. However, we find the existence of three distinct sub-groups of cities (‘clubs’) where residential prices converge to their own steady-state paths. Using an ordered logit model, we investigate supply and demand factors determining club membership, which subsequently allocates 13 out of the 15 cities as belonging to the clubs identified by the Phillips and Sul procedure.

Keywords: Polish residential prices; Phillips and Sul; panel convergence; relative transition; ordered logit model. (search for similar items in EconPapers)
JEL-codes: R1 R15 R3 R31 R32 (search for similar items in EconPapers)
Date: 2019-06-23
New Economics Papers: this item is included in nep-tra and nep-ure
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Citations: View citations in EconPapers (9)

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https://mpra.ub.uni-muenchen.de/94766/1/MPRA_paper_94660.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/94802/1/MPRA_paper_94802.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/95092/1/MPRA_paper_95092.pdf revised version (application/pdf)

Related works:
Working Paper: A panel analysis of Polish regional cities: residential price convergence in the primary market (2019)
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