Analysis of the impact of excess mortgages on housing prices using the cointegration test

Luis Ferruz and Luis Lample

Applied Economics Letters, 2016, vol. 23, issue 16, 1182-1186

Abstract: This article attempts to explain and predict housing prices by constructing a model based on the variables that most influence demand: the theoretical purchase effort index without tax deductions as well as a new and innovative indicator that includes the excess of mortgages granted. The Johansen methodology for cointegration analysis reveals the existence of long-run equilibrium and the model’s subsequent ECM, to verify the statistical significance of the variables, confirms the validity of the model concerning this Spanish case study.

Date: 2016
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DOI: 10.1080/13504851.2016.1142648

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