La burbuja residencial en Europa (2000-2015). Dimensión y tipos
Resumen
El objetivo de este artículo es identificar aquellos países del Espacio Económico Europeo que, a lo largo del periodo 2000-2015, sufrieron una burbuja residencial y clasificarlos en función de la evolución de los fundamentales durante el periodo alcista mediante el análisis de conglomerados. Según criterios del Fondo Monetario Internacional, dos de cada tres países europeos sufrieron una burbuja residencial en este periodo, con una pérdida de valor desde el pico del 38% en promedio. Por su parte, el análisis de clústeres revela la existencia de tres tipos de burbujas residenciales en Europa en este periodo: uno que englobaría a todos los países postcomunistas del centro y del este de Europa; otro formado por Irlanda, Grecia, Islandia, España, Chipre, Italia y Malta, y un tercero constituido por Dinamarca, Holanda y Reino Unido.Palabras clave
vivienda, burbuja residencial, precio de la vivienda, mercado residencial, política de viviendaCitas
AALBERS, Manuel B. (2015). «The Great Moderation, the Great Excess and the global housing crisis». International Journal of Housing Policy, 15 (1), 43-60. http://dx.doi.org/10.1080/14616718.2014.997431
AGNELLO, Luca y SCHUKNECHT, Ludger (2011). «Booms and busts in housing markets: Determinants and implications». Journal of Housing Economics, 20 (3), 171-190. http://dx.doi.org/10.1016/j.jhe.2011.04.001
AHEARNE, Alan G.; AMMER, John; DOYLE, Brian M.; KOLE, Linda S. y MARTIN, Robert F. (2005). House prices and monetary policy: A cross-country study. International Finance Discussion Papers 841. Washington: Board of Governors of the Federal Reserve System.
AHREND, Rudiger; COURNÈDE, Boris y PRICE, Robert W. R. (2008). Monetary Policy, Market Excesses and Financial Turmoil. OECD Economics Department Working Papers 597. París: OECD Publishing. http://dx.doi.org/10.1787/244200148201
ALGIERI, Bernardina (2013). «House Price Determinants: Fundamentals and Underlying Factors». Comparative Economic Studies, 55 (2), 315-341. http://dx.doi.org/10.1057/ces.2013.3
ANDERSEN, Hans Skifter (2012). Housing policy in the Nordic countries and its implication for the housing of immigrants. Hørsholm: SBI Forlag y Danish Building Research Institute, Aalborg University.
ANDRÉ, Christophe (2010). A Bird’s Eye View of OECD Housing Markets. OECD Economics Department Working Papers 746. París: OECD Publishing. http://dx.doi.org/10.1787/5kmlh5qvz1s4-en
ANDREWS, Dan y CALDERA, Aida (2011). Drivers of homeownership rates in selected OECD countries. OECD Economics Department Working Papers 849. París: OECD Publishing. http://dx.doi.org/10.1787/5kgg9mcwc7jf-en
ANDREWS, Dan; CALDERA, Aida y JOHANSSON, Åsa (2011). Housing markets and structural policies in OECD countries. OECD Economics Department Working Papers 836. París: OECD Publishing. http://dx.doi.org/10.1787/5kgk8t2k9vf3-en
ANTONIUCCI, Valentina y MARELLA, Giuliano (2016). «Small town resilience: Housing market crisis and urban density in Italy». Land Use Policy, 59, 580-588. http://dx.doi.org/10.1016/j.landusepol.2016.10.004
ARSHANAPALLI, Bala y NELSON, William (2008). «A cointegration test to verify the housing bubble». The International Journal of Business and Finance Research, 2 (2), 35-43.
AZEVEDO, Alda Botelho; LÓPEZ-COLÁS, Julián y MÓDENES, Juan Antonio (2016). «Home ownership in Southern European countries: Similarities and differences». Portuguese Journal of Social Science, 15 (2), 275-298. https://doi.org/10.1386/pjss.15.2.275_1
BACKÉ, Peter; GNAN, Ernest y HARTMANN, Philipp (eds.) (2010). Contagion and Spillovers: New Insights from the Crisis. The European Money and Finance Forum, SUERF Studies 5. Viena: SUERF.
BARDHAN, Ashok; EDELSTEIN, Robert y KROLL, Cynthia A. (2011). A Comparative Context for US Housing Policy: Housing Markets and the Financial Crisis in Europe, Asia, and Beyond. Washington: Bipartisan Policy Center.
BARKER, Kate (2006). Barker Review of Land Use Planning: Final Report –Recommendations. Londres: The Stationery Office.
BLACK, Angela; FRASER, Patricia y HOESLI, Martin (2006). «House prices, fundamentals and bubbles». Journal of Business Finance & Accounting, 33 (9-10), 1535-1555. http://dx.doi.org/10.1111/j.1468-5957.2006.00638.x
BONE, John y O’REILLY, Karen (2010). «No place called home: The causes and social consequences of the UK housing bubble». The British Journal of Sociology, 61 (2), 231-255. http://dx.doi.org/10.1111/j.1468-4446.2010.01311.x
BRUNNERMEIER, Markus K. y OEHMKE, Martin (2013). «Bubbles, Financial Crisis and Systemic Risk». En: CONSTANTINIDES, George M.; HARRIS, Milton y STULZ Rene M. (eds.). Handbook of the Economics of Finance, vol. 2. Amsterdam: Elsevier 1221-1288. http://dx.doi.org/10.1016/B978-0-44-459406-8.00018-4
BRUNNERMEIER, Markus K. y JULLIARD, Christian (2008). «Money Illusion and Housing Frenzies». Review of Financial Studies, 21 (1), 135-180. http://dx.doi.org/10.1093/rfs/hhm043
BRYANT, Sarah K. y KOHN, Jonathan W. (2013). «A Housing Bubble Debate Resolved». Journal of Applied Finance and Banking, 3 (4), 55-72.
CALDERA, Aida y JOHANSSON, Åsa (2013). «The price responsiveness of housing supply in OECD countries». Journal of Housing Economics, 22 (3), 231-249. http://dx.doi.org/10.1016/j.jhe.2013.05.002
CAMPBELL, John Y. y SHILLER, Robert (1987). «Cointegration and tests of present value models». Journal of Political Economy, 95 (5), 1062-1088. http://dx.doi.org/10.1086/261502
CAPOZZA, Dennis R.; HENDERSHOTT, Patric H.; MACK, Charlotte y MAYER, Christopher J. (2002). Determinants of Real House Price Dynamics. NBER Working Paper 9262. Cambridge: National Bureau of Economic Research.
CASE, Karl E. y SHILLER, Robert (2003). «Is There a Bubble in the Housing Market?». Brookings Papers on Economic Activity, 2, 299-362. http://dx.doi.org/10.1353/eca.2004.0004
CATTE, Pietro; GIROUARD, Nathalie; PRICE, Robert y ANDRÉ, Christophe (2004). Housing Markets, Wealth and the Business Cycle. OECD Economics Department Working Papers 394. París: OECD Publishing. http://dx.doi.org/10.1787/534328100627
CHANDLER, Daniel y DISNEY, Richard (2014). «Housing market trends and recent policies». En: EMMERSON, Carl; JOHNSON, Paul y MILLER, Helen (eds.). The IFS Green Budget 2014. Londres: Institute for Fiscal Studies, 90-125. http://dx.doi.org/10.1920/re.ifs.2014.0091
CIARLONE, Alessio (2015). «House price cycles in emerging economies». Studies in Economics and Finance, 32 (1), 17-52. http://dx.doi.org/10.1108/SEF-11-2013-0170
CLARK, William A. V. (2013). «The aftermath of the general financial crisis for the ownership society: What happened to low-income homeowners in the US?». International Journal of Housing Policy, 13 (3), 227-246. http://dx.doi.org/10.1080/14616718.2013.796811
CRAINE, Roger (1993). «Rational bubbles: A test». Journal of Economic Dynamics and Control, 17 (5-6), 829-846. http://dx.doi.org/10.1016/0165-1889(93)90017-M
CROOK, Tony y KEMP, Peter A. (eds.) (2014). Private Rental Housing: Comparative Perspectives. Cheltenham: Edward Elgar Publishing.
CROWE, Christopher; DELL’ARICCIA, Giovanni; IGAN, Deniz y RABANAL Pau (2013). «How to deal with real estate booms: Lessons from country experiences». Journal of Financial Stability, 9 (3), 300-319. http://dx.doi.org/10.1016/j.jfs.2013.05.003
CUNHA, Ricardo M.; LAMBRECHT, Bart M. y PAWLINA, Grzegorz (2008). «The Dutch housing market: Trends, risks, and outlook». Journal of Financial Transformation, 22, 18-22.
CUNNINGHAM, Rose y KOLET, Ilan (2011). «Housing market cycles and duration dependence in the United States and Canada». Applied Economics, 43, 569-586. http://dx.doi.org/10.1080/00036840802584927
CVIJANOVIC, Dragana; FAVILUKIS, Jack y POLK, Christopher (2010). New in Town: Demographics, Immigration, and the Price of Real Estate. Londres: London School of Economics.
CZISCHKE, Darinka y PITTINI, Alice (2007). Housing Europe 2007. Review of social, co-operative and public housing in the 27 EU member states. Bruselas: European Social Housing Observatory, CECODHAS.
DAM, Niels Arne; HVOLBØL, Tina Saaby; PEDERSEN, Erik Haller; SØRENSEN, Peter Birch y THAMSBORG, Susanne Hougaard (2011). «The Housing Bubble that Burst: Can House Prices be Explained? And Can Their Fluctuations be Dampened?». En: SØRENSEN, Peter Birch (ed.). Monetary Review 1st Quarter. Copenhague: Danmarks Nationalbank, 47-70.
DAVIDOFF, Thomas (2013). «Supply Elasticity and the Housing Cycle of the 2000s». Real Estate Economics, 41 (4), 793-813. http://dx.doi.org/10.1111/1540-6229.12019
DEL NEGRO, Marco y OTROK, Christopher (2007). «99 Luftballons: Monetary policy and the house price boom across U.S. states». Journal of Monetary Economics, 54, 1962-1985. http://dx.doi.org/10.1016/j.jmoneco.2006.11.003
DIBA, Behzad y GROSSMAN, Herschel (1988). «Explosive rational bubbles in stock prices?». American Economic Review, 78 (3), 520-530.
DIECI, Roberto y WESTERHOFF, Frank (2016). «Heterogeneous expectations, boom-bust housing cycles, and supply conditions: A nonlinear dynamics approach». Journal of Economic Dynamics and Control, 71, 21-44. http://dx.doi.org/10.1016/j.jedc.2016.07.011
DOL, Kees y HAFFNER, Marietta (eds.) (2010). Housing statistics in the European Union 2010. La Haya: Ministry of the Interior and Kingdom Relations y OTB Research Institute for the Built Environment. Delft University of Technology.
DOMANSKI, Henryk y NORRIS, Michelle (2009). «Housing Conditions, States, Markets and Households: A Pan-European Analysis». Journal of Comparative Policy Analysis: Research and Practice, 11 (3), 385-407. http://dx.doi.org/10.1080/13876980903158027
DUCA, John V.; MUELLBAUER, John y MURPHY, Anthony (2010). «Housing markets and the financial crisis of 2007-2009: Lessons for the future». Journal of Financial Stability, 6 (4), 203-217. http://dx.doi.org/10.1016/j.jfs.2010.05.002
ÉGERT, Balázs y MIHALJEK, Dubravko (2007a). «Determinants of House Price Dynamics in Central and Eastern Europe». En: MOOSLECHNER, Peter y RITZBERGER-GRÜNWALD, Doris (eds.). Focus on European Economic Integration 1/07. Viena: Austrian National Bank, 52-76.
ÉGERT, Balázs y MIHALJEK, Dubravko (2007b). «Determinants of House Prices in Central and Eastern Europe». Comparative Economic Studies, 49 (3), 367-388. http://dx.doi.org/10.1057/palgrave.ces.8100221
EMF (2009). Hypostat 2008: A Review of Europes Mortgage and Housing Markets. Bruselas: European Mortgage Federation.
EMF (2010). Hypostat 2009: A Review of Europes Mortgage and Housing Markets. Bruselas: European Mortgage Federation.
EMF (2012). Hypostat 2011. A Review of Europes Mortgage and Housing Markets. Bruselas: European Mortgage Federation.
EUROPEAN COMMISSION (2008). ESSPROS Manual: The European system of integrated social protection statistics (ESSPROS). Luxemburgo: Office for Official Publications of the European Communities.
FEDERCASA (eds.) (2006). Housing Statistics in the European Union 2005/2006. Roma: Italian Housing Federation. Ministry of Infrastructure of the Italian Republic.
FORTUNE, Charlotte Catherine y MOOHAN, James Anthony John (2008). «International variations in new housing supply». International Journal of Housing Markets and Analysis, 1 (4), 379-392. http://dx.doi.org/10.1108/17538270810908669
FROOT, Kenneth A. y OBSTFELD, Maurice (1991). «Intrinsic Bubbles: The Case of Stock Prices». The American Economic Review, 81 (5), 1189-1214.
GATTINI, Luca y HIEBERT, Paul (2010). Forecasting and Assessing Euro Area House Prices Through the Lens of Key Fundamentals. ECB Working Paper 1249. Frankfurt: European Central Bank.
GERDESMEIER, Dieter; LENARCIC, Andreja y ROFFIA, Barbara (2012). An Alternative Method for Identifying Booms and Busts in the Euro Area Housing Market. ECB Working Paper 1493. Frankfurt: European Central Bank.
GLAESER, Edward y GYOURKO, Joseph (2006). Housing Dynamics. NBER Working Paper 12787. Cambridge, MA: National Bureau of Economic Research.
GLAESER, Edward; GYOURKO, Joseph y SAIZ, Albert (2008). «Housing Supply and Housing Bubbles». Journal of Urban Economics, 64 (2), 198-217. http://dx.doi.org/10.1016/j.jue.2008.07.007
GRIMES, Arthur y AITKEN, Andrew (2010). «Housing supply, land costs and price adjustment». Real Estate Economics, 38 (2), 325-353. http://dx.doi.org/10.1111/j.1540-6229.2010.00269.x
GROSSMAN, Gene y YANAGAWA Noriyuki (1993). «Asset bubbles and endogenous growth». Journal of Monetary Economics, 31 (1), 3-19. http://dx.doi.org/10.1016/0304-3932(93)90014-7
HAYNES, Kingsley E.; KULKARNI, Rajendra; STOUGH, Roger R. y SCHINTLER, Laurie (2010). Exploratory Analyses of the US Housing Bubble with Kolmogorov Entropy and Principal Component Analysis (PCA). Research Paper 2010-20. Fairfax: School of Public Policy, George Mason University. http://dx.doi.org/10.2139/ssrn.1590309
HEGEDUS, József; TELLER, Nóra y LUX, Martin (2013). Social Housing in Transition Countries. Abingdon: Routledge.
HELBLING, Thomas y TERRONES, Marco (2003). «When bubbles burst». En: IMF (2003). World Economic Outlook April 2003 Growth and Institutions. Washington: International Monetary Fund, 61-94.
HESSEL, Jeroen y PEETERS, Jolanda (2011). Housing bubbles, the leverage cycle and the role of central banking. DNB Occasional Studies, 9 (5). Amsterdam: De Nederlandsche Bank.
HILBERS, Paul; HOFFMAISTER, Alexander W.; BANERJI, Angana y SUI, Haiyan (2008). House Price Developments in Europe: A Comparison. IMF Working Paper 08/211. Washington: International Monetary Fund. http://dx.doi.org/10.5089/9781451870695.001
HIMMELBERG, Charles; MAYER, Christoph y SINAI, Todd (2005). «Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions». Journal of Economic Perspectives, 19 (4), 67-92. http://dx.doi.org/10.1257/089533005775196769
HOELLER, Peter y RAE, David (2007). Housing Markets and Adjustments in Monetary Union. OECD Economics Department Working Papers 550. París: OECD Publishing. http://dx.doi.org/10.1787/208627725571
HOLLY, Sean y JONES, Natasha (1997). «House Prices since 1940s: Cointegration, Demography and Asymmetries». Economic Modelling, 14 (4), 549-65. http://dx.doi.org/10.1016/S0264-9993(97)00009-6
HUANG, Haifang y TANG, Yao (2012). «Residential land use regulation and the US housing price cycle between 2000 and 2009». Journal of Urban Economics, 71 (1), 93-99. http://dx.doi.org/10.1016/j.jue.2011.08.001
HUBBARD, R. Glenn y MAYER, Christopher J. (2009). «The mortgage market meltdown and house prices». The B. E. Journal of Economic Analysis & Policy, 9 (3), 1-45. http://dx.doi.org/10.2202/1935-1682.2223
HUSSAR, Ave (2014). National Report for Estonia. TENLAW: Tenancy Law and Housing Policy in Multi-level Europe. Recuperado de http://www.tenlaw.uni-bremen.de/reports/EstoniaReport_18062014.pdf [Consulta: 12 de febrero de 2017]
HUYNH-OLESEN, Duy; STEINER, Katharina; HILDEBRANDT, Antje y WAGNER, Karin (2013). «Residential property prices in Central, Eastern and Southeastern European Countries: The role of fundamentals and transition-specific factors». En: MOOSLECHNER, Peter y RITZBERGER-GRÜNWALD, Doris (eds.). Focus on European Economic Integration Q2/13. Viena: Austrian National Bank, 52-76.
IACOVIELLO, Matteo y NERI, Stefano (2010). «Housing market spillovers: Evidence from an estimated DSGE model». American Economic Journal Macroeconomics, 2 (2), 125-164. https://doi.org/10.1257/mac.2.2.125
IMF (2009). Spain: Selected issues. IMF Country Report 09/129. Washington: International Monetary Fund.
IMF (2014). Kingdom of the Netherlands: Netherlands, Selected Issues Paper. IMF Country Report 14/328. Washington: International Monetary Fund.
JAROCINSKI, Marek y SMETS, Frank (2008). House prices and the stance of monetary policy. ECB Working Paper Series, 891. Frankfurt: European Central Bank.
JUD, Donald y WINKLER, Dan T. (2002). «The dynamics of metropolitan housing prices». Journal of Real Estate Research, 23 (1-2), 29-46.
KARLBERG, Björn y VICTORIN, Anders (2004). «Housing Tenures in the Nordic Countries». En: LUJANEN Martti (ed.). Housing and Housing Policy in the Nordic Countries. Copenhague: Nordic Council of Ministers, 57-78. https://doi.org/10.6027/nord2004-007
KIM, Kyung-Hwan y RENAUD, Bertrand (2009). «The Global House Price Boom and Its Unwinding: An Analysis and a Commentary». Housing Studies, 24, 7-24. http://dx.doi.org/10.1080/02673030802550128
KNOLL, Katharina; SCHULARICK, Moritz y STEGER, Thomas (2017). «No Price Like Home: Global House Prices, 1870-2012». American Economic Review, 107 (2), 331-353. http://dx.doi.org/10.1257/aer.20150501
LAINO, Elsa y PITTINI Alice (2011). Housing Europe review 2012: The nuts and bolts of European social housing systems. Bruselas: Housing Europe, CECODHAS.
LEAMER, Edward E. (2007). Housing Is The Business Cycle. NBER Working Paper 13428. Cambridge, MA: National Bureau of Economic Research.
LEE, Hahn Shik y LEE, Woo Suk (2017). «Housing market volatility connectedness among G7 countries». Applied Economics Letters, 1-6. http://dx.doi.org/10.1080/13504851.2017.1305069
LEROY, Stephen y PORTER, Richard (1981). «The present-value relation: Tests base on implied variance bounds». Econometrica, 49 (3), 555-574. http://dx.doi.org/10.2307/1911512
LEUNG, Frank; CHOW, Kevin y HAN, Gaofeng (2008). Long-term and Short-term Determinants of Property Prices in Hong Kong. Working Paper 15/2008. Hong Kong: Hong Kong Monetary Authority.
LEVINE, Sheen S. y ZAJAC, Edward J. (2007). «The institutional nature of price bubbles». SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.960178
LEVITIN, Adam J. y WACHTER, Susan M. (2012). «Explaining the Housing Bubble». The Georgetown Law Journal, 100 (4), 1177-1258. http://dx.doi.org/10.2139/ssrn.1669401
LEVITIN, Adam J. y WACHTER, Susan M. (2013). «Why housing?». Housing Policy Debate, 23(1), 5-27. http://dx.doi.org/10.1080/10511482.2012.749936
LILY, Chan; TIONG, N. Heng y RAMCHAND, Rishi (2012). «A cluster analysis approach to examining Singapore’s property market». BIS Papers, 64, 43-53.
LOUTSKINA, Elena y STRAHAN, Philip, E. (2015). «Financial Integration, Housing, and Economic Volatility». Journal of Financial Economics, 115, 25-41. http://dx.doi.org/10.1016/j.jfineco.2014.09.009
LUX, Thomas (1995). «Herd behaviour, bubbles and crashes». Economic Journal, 105 (431), 881-896. http://dx.doi.org/10.2307/2235156
MACHADO, José A. y SOUSA, João (2006). Identifying asset price booms and busts with quantile regressions. Estudos e Documentos de Trabalho. Lisboa: Banco de Portugal.
MADRID, Alberto y HIERRO, Luis A. (2015). «Burbujas especulativas: El estado de una cuestión poco estudiada». Cuadernos de Economía, 38 (108), 123-138. http://dx.doi.org/10.1016/j.cesjef.2015.05.001
MALPEZZI, Stephen y WACHTER, Susan M. (2005). «The role of speculation in real estate cycles». Journal of Real Estate Literature, 13 (2), 141-164. http://dx.doi.org/10.2139/ssrn.2585241
MALZUBRIS, Janis (2008). «Ireland’s Housing Market: Bubble Trouble». ECFIN Country Focus, 5 (9), 1-7.
MAYER, Christopher y HUBBARD, R. Glenn (2009). House Prices, Interest Rates and the Mortgage Market Meltdown. Nueva York: Columbia University.
MCMILLEN, Daniel P. (2008). «Changes in the distribution of house prices over time: Structural characteristics, neighborhood, or coefficients?». Journal of Urban Economics, 64 (3), 573-589. http://dx.doi.org/10.1016/j.jue.2008.06.002
MCQUEEN Grant y THORLEY, Steven (1994). «Bubbles, stock returns and duration dependence». Journal of Financial and Quantitative Analysis, 29 (3), 379-401. http://dx.doi.org/10.2307/2331336
MIKHED, Vyacheslav y ZEMČÍK, Petr (2009). «Do house prices reflect fundamentals?: Aggregate and panel data evidence». Journal of Housing Economics, 18 (2), 140-149. http://dx.doi.org/10.1016/j.jhe.2009.03.001
MUELLBAUER, John y MURPHY, Anthony (2008). «Housing Markets and the Economy: The Assessment». Oxford Review of Economic Policy, 24 (1), 1-33. http://dx.doi.org/10.1093/oxrep/grn011
NIEMIETZ, Kristian (2012). Abundance of Land, Shortage of Housing. IEA Discussion Paper 38. Londres: The Institute of Economic Affairs.
NNEJI, Ogonna; BROOKS, Chris y WARD, Charles (2013). «Intrinsic and rational speculative bubbles in the US housing market: 1960-2011». Journal of Real Estate Research, 35 (2), 121-151.
NORRIS, Michelle y SHIELS, Patrick (2004). Regular National Report on housing developments in European countries: Synthesis report. Dublín: The Stationery Office.
PITTINI, Alice; GHEKIÈRE, Laurent; DIJOL, Julien y KISS, Igor (2015). The State of Housing in the EU 2015. Bruselas: Housing Europe, CECODHAS.
PLANNING AUTHORITY (2002). Structure Plan for the Maltese Islands: Housing Topic Paper. Floriana: Malta Environment & Planning Authority.
POSEDEL, Petra y VIZEK, Maruška (2009). «House price determinants in transition and EU-15 countries». Post-Communist Economies, 21 (3), 327-343. http://dx.doi.org/10.1080/14631370903090640
POTERBA, James M. (1992). «Taxation and Housing: Old Questions, New Answers». The American Economic Review, 82 (2), 237-242. http://dx.doi.org/10.3386/w3963
ROLNIK, Raquel (2013). «Late neoliberalism: The financialization of homeownership and housing rights». International Journal of Urban and Regional Research, 37 (3), 1058-1066. http://dx.doi.org/10.1111/1468-2427.12062
ROY, Friedemann (2008). «Mortgage markets in central and eastern Europe: A review of past experiences and future perspectives». European Journal of Housing Policy, 8 (2), 133-160. http://dx.doi.org/10.1080/14616710802061953
RUONAVAARA, Hannu (2012). «Home ownership and the Nordic housing policies in the Retrenchment». En: RONALD, Richard y ELSINGA, Marja (eds.). Beyond Home Ownership: Housing, Welfare and Society. Londres: Routledge, 91-107.
SAK, Barbara y RAPONI, Michael (2001). Housing statistics in the European Union 2002. Lieja: International Centre for Research and Information on the Public and Cooperative Economy.
SCANLON, Kathleen; FERNÁNDEZ-ARRIGOITIA, Melissa y WHITEHEAD, Christine M. (2015). «Social housing in Europe». European Policy Analysis, 17, 1-12.
SCANLON, Kathleen y WHITEHEAD, Christine M. (2004). International trends in housing tenure and mortgage finance. Londres: The Council of Mortgage Lenders.
SCATIGNA, Michela; SZEMERE Robert y TSATSARONIS, Kostas (2014). «Residential property prices across the globe». En: BORIO, Claudio; DOMANSKI, Dietrich; SHIN, Hyun Song; TURNER, Philip y UPPER Christian (eds.). BIS Quarterly Review, September 2014, International banking and financial market developments. Basilea: Bank for International Settlements.
SCHERBINA, Anna (2013). Asset Price Bubbles: A Selective Survey. IMF Working Paper 13/45. Washington: International Monetary Fund. http://dx.doi.org/10.5089/9781475515299.001
SCHWARTZ, Herman M. y SEABROOKE, Leonard (eds.) (2009). The Politics of Housing Booms and Busts. Hampshire: Palgrave MacMillan. http://dx.doi.org/10.1057/9780230280441
SEYFRIED, William (2010). «Monetary policy and housing bubbles: A multinational perspective». Research in Business & Economic Journal, 2, 1-12.
SHELBURNE, Robert C. y PALACIN, José (2006). «Is There an East European Housing Bubble?». Global Economy Journal, 6 (3), 1-37. https://doi.org/10.2202/1524-5861.1209
SHILLER, Robert (1981). «Do stock prices move too much to be justified by subsequent changes in dividends». American Economic Review, 71, 421-436.
SHILLER, Robert (2005). Irrational Exuberance. Nueva York: Princeton University Press. http://dx.doi.org/10.1515/9781400865536
SOWELL, Thomas (2009). The Housing Boom and Bust. Nueva York: Basic Books.
STEPANYAN, Vahram; POGHOSYAN, Tigran y BIBOLOV, Aidyn (2010). House price determinants in selected countries of the former Soviet Union. IMF Working Paper 10/104. Washington: International Monetary Fund. http://dx.doi.org/10.5089/9781455200634.001
STEPHENS, Mark (2007). «Mortgage market deregulation and its consequences». Housing Studies, 22 (2), 201-220. http://dx.doi.org/10.1080/02673030601132797
SVEINSSON, Jón Rúnar (2010). «Kreppa, hugmyndafræði og félagslegt húsnæði». Íslenska þjóðfélagið, 1 (1), 49-67.
TAYLOR, John B. (2009). Getting off track: How government actions and interventions caused, prolonged, and worsened the financial crisis. Stanford: Hoover Institution Press.
TERRONES, Marco y OTROK, Christopher (2004). «The global house price boom». En: IMF (2004). World Economic Outlook, the Global Demographic Transition, September 2004. Washington: International Monetary Fund, 71-89.
TIROLE, J. (1985). «Asset bubbles and overlapping generations». Econometrica, 53 (5), 1071-1100. http://dx.doi.org/10.2307/1911012
TORRERO, Antonio (2008). La crisis financiera internacional. Documentos de trabajo 08/2008, Alcalá de Henares: Instituto Universitario de Análisis Económico y Social. Universidad de Alcalá.
TSATSARONIS, Kostas y ZHU, Haibin (2004). «What drives housing price dynamics: Cross-country evidence». En: BISIGNANO, Joseph; REMOLONA, Eli; WHITE, William; BORIO, Claudio; TURNER, Philip; MCCAULEY, Robert y VAN DEN BERGH, Paul (eds.). BIS Quarterly Review, March 2004, International banking and financial market developments. Basilea: Bank for International Settlements.
VALADEZ, Ray M. (2011). «The housing bubble and the GDP: A correlation perspective». Journal of Case Research in Business and Economics, 3, 1-18.
VAN NIEUWERBURGH, Stijn y WEILL, Pierre Olivier (2010). «Why has House Price Dispersion Gone Up? ». Review of Economic Studies, 77 (4), 1567-1606. https://doi.org/10.1111/j.1467-937X.2010.00611.x
VERMEULEN, Wouter y ROUWENDAL, Jan (2007). Housing supply and land use regulation in the Netherlands. Discussion Paper 07-058/3. Amsterdam y Rotterdam: Tinbergen Institute.
WALLISON, Peter J. (2009). «Cause and effect: Government policies and the financial crisis». Critical Review, 21 (2-3), 365-376. http://dx.doi.org/10.1080/08913810902934158
WEST, Kenneth (1987). «A specification test for speculative bubbles». The Quarterly Journal of Economics, 102 (3), 553-580. https://doi.org/10.2307/1884217
ZIETZ, Joachim; ZIETZ, Emily Norman y SIRMANS, G. Stacy (2008). «Determinants of house prices: A quantile regression approach». The Journal of Real Estate Finance and Economics, 37 (4), 317-333. https://doi.org/10.1007/s11146-007-9053-7
Publicado
Cómo citar
Descargas
Derechos de autor 2018 Jordi Bosch Meda
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial 4.0.
