Asymmetric Behaviour of Spanish Regional House Prices: A Multivariate Approach

Beatriz Larraz-Iribas, Jose-Luis Alfaro-Navarro and Francisco Rodriguez-Aragon

The Journal of Economic Asymmetries, 2008, vol. 5, issue 2, 81-104

Abstract: The real estate market generates much literature because it is an issue of utmost importance. The rise in house prices is one of the issues that has raised a great deal of concern among the general public. This paper analyzes the asymmetric behaviour of real house prices among Spanish regions, using univariate and multivariate techniques to study their long-run relationships. Results indicate some evidence of cointegration, which suggests a broad grouping of regions based on physical proximity or similar economic characteristics. The Johansen cointegration test reveals the region that has the greatest influence on long-run equilibrium among those with whom it shares a border.

Keywords: C22; O18; P25; House prices; Unit root; Long-run equilibrium; Convergence; Johansen cointegration test (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joecas:v:5:y:2008:i:2:p:81-104

DOI: 10.1016/j.jeca.2008.02.006

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