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Is there a real estate bubble in the Czech Republic?
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SYSNO ASEP 0359113 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Is there a real estate bubble in the Czech Republic? Author(s) Zemčík, Petr (NHU-C) RID Source Title Finance a úvěr-Czech Journal of Economics and Finance. - : Univerzita Karlova v Praze - ISSN 0015-1920
Roč. 61, č. 1 (2011), s. 49-66Number of pages 17 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords Central and Eastern Europe ; house prices ; panel data Subject RIV AH - Economics R&D Projects GA402/09/1755 GA ČR - Czech Science Foundation (CSF) LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ MSM0021620846 - NHU-C UT WOS 000289915600004 Annotation Real estate prices more than doubled in many countries of Central and Eastern Europe from 2003 to 2008. In this paper, I provide one of the first assessments 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 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 2012 Electronic address http://journal.fsv.cuni.cz/storage/1204_zemcik.pdf
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