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Determinants of House Prices in Central and Eastern EuropeBalázs ÉgertOrganization for Economic Co-Operation and Development (OECD); CESifo (Center for Economic Studies and Ifo Institute for Economic Research); Université Paris X Nanterre - Department of Economics; William Davidson Institute Dubravko MihaljekBank for International Settlements (BIS) - Monetary and Economic Department November 2007 BIS Working Paper No. 236 CESifo Working Paper Series No. 2152 William Davidson Institute Working Paper No. 894 Abstract: This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE. We show that house prices in CEE are determined to a large extent by the underlying conventional fundamentals and some transition-specific factors, in particular institutional development of housing markets and housing finance and quality effects.
Number of Pages in PDF File: 31 Keywords: House prices, housing market, transition economies, central and eastern Europe, OECD countries JEL Classification: E20, E39, P25, R21, R31 working papers seriesDate posted: September 17, 2007Suggested CitationContact Information
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