Economics at your fingertips  

Trends and convergence in global housing markets

Nafeesa Yunus

Journal of International Financial Markets, Institutions and Money, 2015, vol. 36, issue C, 100-112

Abstract: This study evaluates the degree of convergence among the housing markets of 10 major economies across North America, Europe and Asia. Long-run results indicate that the housing markets have become increasingly interdependent over time and more so after the onset of the most recent housing crisis. Short-run analysis suggests that the global housing markets have become more susceptible to shocks emanating from the U.S. over the crisis and the post-crisis periods in comparison to the pre-crisis period. However, the U.S. housing market is found to be highly exogenous and the global “leader” since it is influenced primarily by its own innovations and is not affected reciprocally by shocks originating from the international housing markets. Finally, the study shows that the trends and co-movements among global housing markets can be attributed to real convergence.

Keywords: International housing markets; Global financial crisis; Contagion; Cointegration; Variance decomposition analysis; Macroeconomic convergence (search for similar items in EconPapers)
JEL-codes: C22 C58 R2 R3 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

Journal of International Financial Markets, Institutions and Money is currently edited by I. Mathur and C. J. Neely

More articles in Journal of International Financial Markets, Institutions and Money from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

Page updated 2019-03-30
Handle: RePEc:eee:intfin:v:36:y:2015:i:c:p:100-112