EU housing markets before financial crisis of 2008: The role of institutional factors and structural breaks

• Type: Article in International Scientific Journal
• Date: 2021

Authors

Martins, AM (Author) Other; Serra, AP (Author) FEP; Francisco Vitorino Martins (Author) FEP; Stevenson, S (Author) Other

Journal

Title: JOURNAL OF HOUSING AND THE BUILT ENVIRONMENT

Vol. 36 No. 3

Pages: 867-899

ISSN: 1566-4910

Indexing

ISI Web of Knowledge - 5 Citations

Scopus - 6 Citations

Other information

Authenticus ID: P-00T-XNS

DOI: 10.1007/s10901-021-09848-7

Abstract (EN): We study if and how the structure of EU housing markets, particularly the role of structural breaks and the institutional characteristics of national residential mortgage markets across the EU countries affects the EU housing prices before the financial crisis of 2008. We document three main features: first, the institutional characteristics of residential mortgage markets differ markedly across EU countries; second, and according to a wide range of indicators, the increase of housing prices is significantly stronger in those countries where the credit policy characteristics are less conservative; third, for the majority of EU countries, we find evidence of structural breaks in EU housing markets that often coincide with a housing market policy change.

Language: English

Type (Professor's evaluation): Scientific

No. of pages: 33