Analysis of Price Bubbles on the Czech Real Estate Market

Analýza cenových bublin na českém trhu s nemovitostmi

Kristine Gevorgyan

Acta Oeconomica Pragensia, 2015, vol. 2015, issue 5, 45-63

Abstract: This thesis deals with the issue of price bubbles on the Czech real estate market. The theoretical part explains the price bubble in terms of behavioural finance, and describes the relationship between monetary policy and asset prices from the perspective of the Austrian school and representatives of traditional economics. In the empirical part, it presents ways of identifying bubbles on the property market using relative indicators and econometric models. By means of econometric methods, this thesis analyses specific factors that influence housing prices in the Czech Republic. It puts a particular emphasis on the impact of interest rates on asset prices, because low inflation and expansionary monetary policy can create conditions for the formation of price bubbles.

Keywords: housing prices; asset bubbles; interest rate; low inflation; expansionary monetary policy; regression (search for similar items in EconPapers)
JEL-codes: C2 R21 R31 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.18267/j.aop.485

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