A panel analysis of Polish regional cities: residential price convergence in the primary market
George Matysiak and
Krzysztof Olszewski ()
No 316, NBP Working Papers from Narodowy Bank Polski, Economic Research Department
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 first 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 each club’s steady-state path. Using an ordered logit model, we investigate supply and demand factors determining club membership, the model allocating 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; clubs; relative transition; ordered logit model (search for similar items in EconPapers)
JEL-codes: C2 C3 C25 R1 R2 R3 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-tra and nep-ure
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)
Working Paper: A Panel Analysis of Polish Regional Cities Residential Price Convergence in the Primary Market (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpmis:316
Access Statistics for this paper
More papers in NBP Working Papers from Narodowy Bank Polski, Economic Research Department Contact information at EDIRC.
Bibliographic data for series maintained by Zbigniew Polański ().