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Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic?
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SYSNO ASEP 0330764 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title Housing markets in Central and Eastern Europe: is there a bubble in the Czech Republic? Author(s) Zemčík, Petr (NHU-C) RID Source Title CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 390 (2009), s. 1-37Number of pages 37 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords Central and Eastern Europe ; house prices ; panel data ; unit root Subject RIV AH - Economics R&D Projects LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) GA402/09/1755 GA ČR - Czech Science Foundation (CSF) CEZ MSM0021620846 - NHU-C Annotation Real estate prices more than doubled in many countries of Central and Eastern Europe from 2003 to 2008. In this paper, I provide the first assessment of whether housing prices in this region correspond to rents, i.e. to cash-flows related to an apartment purchase. State-of-the-art panel data stationarity and Granger causality techniques are employed to test the implications of the standard present-value model using regional data from the Czech Republic. Apartment prices both in this country overall and in its capital are only slightly overvalued. In addition, changes in prices are helpful in predicting changes in rents and vice versa. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2010
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